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Board adopts local policy edits to align fund-balance rules with GASB 54
Summary
The board approved revisions to CE (LOCAL)-X to define the five fund-balance categories required by GASB 54 and to designate an official to assign fund amounts before the district's annual audit, as recommended by CFO Dina Edgar.
Dina Edgar, Chief Financial Officer for Bastrop ISD, asked trustees to approve revisions to local policy CE (LOCAL)-X so the district explicitly defines the five fund-balance categories required by the Governmental Accounting Standards Board's GASB 54 guidance and designates an official authorized to assign fund amounts prior to the annual audit. Edgar explained the revisions are recommended to align district policy with GASB 54 and to provide a clear assignment process before the audit is finalized. Trustee Chris M. Dillon moved to approve the revisions and Trustee Priscilla Ruiz seconded; the motion carried unanimously.
Edgar framed the change as an accounting-policy clarification required for consistent audit reporting rather than a new use of district funds. The revision is intended to ensure the audit report and district policy use the same definitions and to centralize authority for fund assignments in advance of audit close-out.
