September 14, 2021 — Midland ISD's Financial Services department has once again earned the highest rating for financial accountability from the Texas Education Agency (TEA).
The TEA conducts the Financial Integrity Rating System of Texas (FIRST) each year, and MISD earned a score of 96 and an "A," which is considered a "Superior Rating" for the 2019-20 fiscal year.
"Financial Services continues to be strongly committed to transparency and effective fiscal management," said Chief Financial Officer Darrell Dodds. "We continue to implement zero-based budgeting, take advantage of opportunities to pay off debt early and promote financial transparency through budget workshops."
For the first time in three years, Midland ISD was not awarded a perfect score of 100. Dodds explained that this was a result of increases to the recapture liability that more than doubled from the 2018-19 to the 2019-20 school years.
"With the passage of House Bill 3, school districts are permitted to delay recapture payment until August," Dodds said. "In the interest of financial responsibility, we elected to complete the payment in August in accordance with state law."
The FIRST report grades each district in the state on its financial management and solvency. Districts are rated across 20 indicators addressing debt management, administrative costs, investments, student to staff ratio, and fund balance. FIRST is designed to help schools manage their resources and maximize funding for instruction.