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Brazos River Authority board accepts 2024 audit and ACFR, updates investment policy and ratifies 2025 two‑tier rates
Summary
The board accepted an unmodified audit opinion and the annual comprehensive financial report for fiscal year ending Aug. 31, 2024; adopted revisions to the investment policy; and ratified 2025 two‑tier replacement water supply rates.
The Brazos River Authority Board of Directors on Jan. 27 accepted the authority’s annual comprehensive financial report (ACFR) for the fiscal year ended Aug. 31, 2024 and authorized its filing with the Texas Commission on Environmental Quality and other agencies. Baker Tilly audit director Sarah Slaughter presented the audit results by video and reported an unmodified opinion.
Slaughter told the board, “As a result of our audit, Brazos received an unmodified opinion, which is the highest level of assurance we can provide as auditors.” She said auditors encountered no difficulties, identified no material weaknesses in internal control and noted no misstatements in the financial statements. The audit work was completed remotely and Baker Tilly reported about 350 audit hours for the engagement.
Michelle Gerwa, chief financial officer, asked the board to approve the ACFR so staff could file required reports with the Texas Commission on Environmental Quality and the Texas Water Development Board; the board approved the filing by roll call.
The board also reviewed and adopted an updated investment policy, which included administrative updates to designated officer titles and added the National Credit Union Share Insurance Fund (NCUSIF) as an eligible depository. Director Wilson made the motion to adopt and the board approved the policy.
In a separate finance action, the authority ratified its 2025 replacement water supply two‑tier contract rates. Staff explained the agreements use formulae in existing contracts to adjust election‑use and option‑use rates annually; the board ratified $30.76 per acre‑foot for election (activated) use and $15.38 per acre‑foot for option (reserved) use for 2025.
Board members heard a report on the quarterly budget and an investment report; staff said the new financial software went live Oct. 1 and that the current quarterly report compares year‑to‑date actuals against the full annual budget. The board took no further action on the reports, which are informational.
Resolutions were read and adopted for the ACFR acceptance, investment policy adoption and ratification of the 2025 two‑tier rates. Approvals were recorded by roll call.
