CISD receives Superior Achievement rating

The Financial Integrity Rating System of Texas Report was released by Canton ISD Board of Trustees and Superintendent Jay Tullos during the Oct. 16 Canton ISD school board meeting, with the district receiving a Superior Achievement rating.

The district scored 94 points out of a possible 60, with points being taken away for two indicators including: if the debt service coverage ratio sufficiently meeting the required debt service and the ratio of current assents to current liabilities for the school district to sufficiently cover short-term debt. However, Supt. Tullos said that the two indicators that the district lost points on were “indicators that the district has lost points on for several years due to the amount debt we have because of bonds. But, we are pleased with the report.”

In a similar matter Supt. Tullos discussed the redemption of certain outstanding CISD unlimited tax refunding bonds, specifically, the bond series of 2006.

The board discussed approving a budget amendment for $2,889,740 that would redeem a portion of the bond.

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