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Brazos River Authority board accepts audited FY2024 comprehensive financial report
Summary
The Brazos River Authority board voted to accept the agency's Annual Comprehensive Financial Report for the fiscal year ended Aug. 31, 2024, following an audit by Baker Tilly that produced an unmodified opinion.
The Brazos River Authority Board of Directors voted Jan. 27 to accept the authority's Annual Comprehensive Financial Report (ACFR) for the fiscal year ended Aug. 31, 2024, and authorized the chief financial officer to file the report with the Texas Commission on Environmental Quality (TCEQ) and other agencies.
The action follows a presentation from Michelle Giroir, Brazos River Authority chief financial officer, and an audit presentation by Sarah Slaughter, audit director with Baker Tilly. Slaughter told directors the financial audit was completed and issued Dec. 20, 2024, and that the auditors issued an unmodified opinion on the financial statements, the highest assurance auditors provide.
The auditors reported no misstatements, no significant difficulties, and no deficiencies considered material weaknesses. Slaughter said the audit examined disbursements, payroll, billing and revenue, cash and investments, capital assets, debt transactions, and information technology controls and that management and staff were cooperative during the process.
Giroir said the ACFR is a historical record of actual results and contrasted it with the operating budget; she described sections of the report, including the auditor's report and statistical section and noted the document will be shared with the TCEQ and the Texas Water Development Board as required.
The board passed a resolution accepting the FY24 ACFR and designating the chief financial officer to file required paperwork with the TCEQ. The motion carried with directors present voting in favor: Presiding Officer Flores; Director Huber; Director Krone; Director LaChance; Director Lattimore; Director Embrao; Director Parks; Director Ruiz; Director Savage; Director Smith; Director Taylor; Director Weldon; Director Wilson.
The board did not discuss additional audit findings; the auditors had identified upcoming GASB standards the authority will need to consider in future years, including changes to disclosure and recognition rules for compensated absences and capital assets.
