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Bastrop ISD earns TEA FIRST 'A' and approves 2024-25 annual audit; fund balance highlighted

Bastrop Independent School District Board of Trustees ยท November 19, 2025

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Summary

CFO Mike White and auditors reported a TEA FIRST rating of A (96/100) for FY24 and presented the 2024-25 annual audit with an unmodified opinion; the board approved the audit and noted a general fund unassigned balance of $37 million and total fund balance of $50.8 million.

Bastrop ISD's finance team and auditors told the board the district earned a TEA FIRST rating of A ("superior achievement") with 96 out of 100 possible points for the 2023-24 reporting cycle, and the board approved the 2024-25 annual audit after the presentation. "I will be happy to announce that our rating is a superior achievement, an A, with 96 out of a 100 points," CFO Mike White said. Auditor Addison Ebarb of Whitley Penn confirmed the firm issued an unmodified (clean) opinion on the district's financial statements for the year ended June 30, 2025.

The auditors and CFO reviewed key indicators used in FIRST, such as timely payments, days cash on hand, and debt relative to taxable value, and noted constraints for fast-growth districts where multiple bond series can affect debt ratios. The audit showed an increase in capital assets (net of depreciation) tied to construction and a corresponding decrease in cash and investments as bond funds were expended on capital projects. The district reported a general fund total fund balance of $50,800,000 as of June 30, 2025, with an unassigned fund balance of about $37,000,000 (approximately 25% of general fund expenditures, roughly the TEA-recommended 90 days).

Auditors said they found no material weaknesses or significant deficiencies in internal control over financial reporting and no material instances of noncompliance; federal major programs tested (ESSER and Title I Part A) received unmodified opinions on compliance. The board moved and seconded to approve the annual audit report and carried the motion by show of hands.

During discussion, trustees asked about the district's fund balance and TEA thresholds; auditors and the CFO explained that the fund balance provides operating reserves across months when revenue receipts are lower and that the FIRST report is an information tool for the community. The auditors also disclosed a prior-period restatement related to capital asset capitalization; management explained the restatement increased government-wide assets but had no fund-level cash effect.