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Officials discuss adopting FASRAG, revising depository-contract and comp‑ed reporting rules
Summary
Meeting participants reviewed proposed rule language to adopt the Financial Accountability Systems Resource Guide by reference, update state compensatory-education reporting, and revise the uniform depository-contract procedures, with staff saying rule reopenings will be possible if the legislature changes statute.
Meeting participants discussed proposed rule changes to adopt the Financial Accountability Systems Resource Guide (FASRAG) by reference, update reporting requirements for the state compensatory education program and revise the uniform bank bid/RFP and depository-contract rules.
A staff member described three elements of the package: requirements for certified public accountants and reporting procedures for the state compensatory education program; adoption by reference of the Financial Accountability Systems Resource Guide; and Subchapter D, the uniform depository-contract and request-for-proposal documents districts must use when contracting with banks. "Requirements for the CPAs, and then also some reporting procedures for the state compensatory education program, which basically says they've got to report information to us about the the state comp ed program. And then in subchapter c is the adoption by reference, and this is the actual Financial Accountability Systems Resource Guide, FASRAG. This is the large document that we bring probably every year, every other year, with changes from the accounting standards board," the staff member said.
A board member asked whether any statutory changes must be accounted for. The staff member said the legislature has removed a requirement in Chapter 45 of the Education Code to submit a particular item to the Texas Education Agency and that staff will update Subchapter D later to reflect that change: "At a later date, we will be making a change to subchapter d. The legislator has has continued to, simplify that process for the depository contracts. And so we will be, removing a reference that says they have to submit something to TEA because the legislator removed that out of their law in chapter 45 of the education code."
On timing, staff said the package will return for first reading in April and second reading in June and noted a process to reopen rules if statutory changes occur. The staff member also said the agency will begin updating the Financial Accountability Systems Resource Guide in November to incorporate accounting standard changes.
Discussion stayed at the planning and rulemaking stage; there were no formal votes recorded in the transcript excerpt. Participants clarified that the FASRAG is a large, multi-module accounting guide and that Subchapter D governs the documents school districts use when soliciting or contracting with depository banks. The discussion included questions about the four-year rule-review cycle and whether statutory changes create an exception; staff said statutory changes permit reopening a rule outside the routine review period.
The meeting closed with routine items and an announcement about a Career and Technical Education event later that day.
