Georgetown ISD earns B in TEA financial integrity rating

Steve West, Georgetown ISD interim chief financial officer, shared with the board of trustees that the district earned an 88 for its financial integrity from the Texas Education Agency for the 2021-22 school year.

The Financial Integrity Rating System of Texas scores districts as A-F. This rating is based on 20 different metrics, such as audit and governance disclosures, cash and investments, tax collections, fund balance, debt management, administrative costs, capital projects, and staff levels.

The 88 out of 100 district score shows a decrease compared to the 2020-21 score of 94 out of 100.

“Two factors impacted this score: expenses during the pandemic, and the issuance of new bonds to build schools and support the increased enrollment in our district,” West said.

Additionally, Paula Lowe from Patillo, Brown & Hill, LLP presented the annual audit report to the board.

The auditing firm rendered an “unmodified—or clean—opinion” of the district’s finances, the highest opinion that can be given.

The report shows that in 2021, 13% of property tax revenue was paid to the state in recapture funds. In 2022, 19% of property tax revenue was paid to the state in recapture funds.

“Georgetown ISD has had a multiyear history of strong financial reporting,” West said. “Financial integrity is the key to the trust of parents and taxpayers.”

More about GISD's financial transparency can be found at www.georgetownisd.org/financialtransparency.