HomeMy WebLinkAbout11/30/2024 - Report: FINANCIAL REPORT - Brazos County Municipal Utility District No. 1HOUSTON
3200 Southwest Freeway, Suite 2600
Houston, TX 77027
(713) 860-6400
Jane H. Miller
Legal Assistant
jmiller@abhr.com
(713) 86o-6489
March 31, 2025
VIA EMAIL & U.S. MAIL
Texas Commission on Environmental Quality
Districts Creation Review Team
Attn: Stephanie DeSouza
MC-152
P.O. Box 13087
Austin, TX 78711-3087
disti-ict-fin@tceq.texas.gov
Re: Brazos County Municipal Utility District No.1 (the "District")
Dear Sir or Madam:
Pursuant to Section 49.194, Texas Water Code, please find enclosed for filing with
the Executive Director of the Texas Commission on Environmental Quality the District's
audit report for the fiscal year ended November 30, 2024, and filing Affidavit. Copies of
these documents are being sent by email and regular mail. Please acknowledge your
receipt of the enclosed documents by email confirmation.
If you have any questions, please call me at (713) 860-6489. Thank you.
Sincerely,
Jane H. Miller
Legal Assistant
Enclosures
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via email notices@buildamerica.com
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March 31, 2025
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Municipal Advisory Council of Texas
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Via email cso@cstx.Rov
March 31, 2025
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ANNUAL FILING AFFIDAVIT
TCF
STATE OF TEXAS COUNTY OF BRAZOS
��
1' �!�- 1A�,.1 n,. i I of the
(Name of Duly Authorized District Representative)
Brazos County Municipal Utility District No. 1
(Name of District)
hereby swear, or affirm, that the district named above has reviewed and approved at a meeting of the
Board of the Directors of the District on the 7th day of March, 2026 its
annual audit report for the fiscal year or period ended 11 /30/2024 and those copies of the
annual audit report have been filed in the district office, located at:
3200 Southwest Freeway, Suite 2600, Houston,Texas 77027
(Address of District)
The annual filing affidavit and the attached copy of the audit report are being submitted to the Texas
Commission on Environmental Quality in satisfaction of the annual filing requirements of Texas
Water Code Section 49.194.
Date: By:
(Si ature Dist ' Representative)
%% "t%-Agw I , -
(Typed Name & Title of above District Representative)
Sworn to and Subscribed to before me by this v day of
(SEAL)
7 •`` ■
JANE HAWKE MILLER
n�Notary public, St a of e
'sT •' `•'r= Comm. E to T
xas
Xpires 02-14-2027
NOia.,y ID 2654537
My Commission Expires On:
Notary Public in the State of Texas.
(Signature of Notary)
TCEQ 0723 (Rev. 07/2012) Page 1 of 2
BRAZOS COUNTY MUNICIPAL
UTILITY DISTRICT NO. 1
BRAZOS COUNTY, TEXAS
FINANCIAL REPORT
November 30, 2024
Table of Contents
Independent Auditor's Report
Management's Discussion and Analysis
BASIC FINANCIAL STATEMENTS
Statement of Net Position and Governmental Funds Balance Sheet
Statement of Activities and Governmental Funds Revenues, Expenditures
and Changes in Fund Balances
Notes to Financial Statements
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedule — General Fund
Notes to Required Supplementary Information
TEXAS SUPPLEMENTARY INFORMATION
Services and Rates
General Fund Expenditures
Investments
Taxes Levied and Receivable
Long -Term Debt Service Requirements by Years
Change in Long -Term Bonded Debt
Comparative Schedule of Revenues and Expenditures — General Fund
Comparative Schedule of Revenues and Expenditures — Debt Service Fund
Board Members, Key Personnel and Consultants
Schedule PWe
1
7
16
17
19
36
37
TSI-1
40
TSI-2
42
TSI-3
43
TSI-4
44
TSI-5
45
TSI-6
50
TSI-7a
52
TSI-7b
54
TSI-8
56
McGRATH & CO., PLLC
Certified Public Accountants
2900 North Loop West, Suite 880
Houston, Texas 77092
Independent Auditor's Report
Board of Directors
Brazos County Municipal Utility District No
Brazos County, Texas
Opinions
We have audited the accompanying financial statements of the governmental activities and each major
fund of Brazos County Municipal Utility District No. 1 (the "District', as of and for the year ended
November 30, 2024, and the related notes to the financial statements, which collectively comprise the
District's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities and each major fund of Brazos County
Municipal Utility District No. 1, as of November 30, 2024, and the respective changes in financial
position thereof for the year then ended in accordance with accounting principles generally accepted
in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America. Our responsibilities under those standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the District and to meet our other ethical responsibilities, in accordance with the
relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the District's ability to
continue as a going concern for twelve months beyond the financial statement date, including any
currently known information that may raise substantial doubt shortly thereafter.
Board ofDirectors
Brazos County Municipal Utility District No. 1
Brazos County, Texas
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with generally
accepted auditing standards will always detect a material misstatement when it exists. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user based
on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the District's internal control. Accordingly, no such opinion
is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the District's ability to continue as a going concern
for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control -
related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis and budgetary comparison information be presented to
supplement the basic financial statements. Such information is the responsibility of management and,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board, who considers it to be an essential part of financial reporting for placing the basic
financial statements in an appropriate operational, economic or historical context. We have applied
2
Board ofDirectors
Brazos County Municipal Utility District No. 1
Brazos County, Texas
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management's responses to our inquiries, the basic financial statements and other
knowledge we obtained during our audit of the basic financial statements. We do not express an
opinion or provide any assurance on the information because the limited procedures do not provide
us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the District's basic financial statements. The Texas Supplementary Information
schedules are presented for purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the Texas Supplementary Information schedules are fairly stated in all material respects in relation to
the basic financial statements as a whole.
Houston, Texas
March 7, 2025
(Phis paSe inientionalll left blank)
Management's Discussion and Analysis
(This pag intentio nai�v l ft blank)
Brazos County Municipal Utility District No. 1
Management's Discussion and Analysis
November 30, 2024
Using this Annual Report
Within this section of the financial report of Brazos County Municipal Utility District No. 1 (the
"District"), the District's Board of Directors provides a narrative discussion and analysis of the
financial activities of the District for the fiscal year ended November 30, 2024. This analysis should
be read in conjunction with the independent auditor's report and the basic financial statements that
follow this section.
In addition to this discussion and analysis, this annual report consists of:
• The District's basic financial statements;
• Notes to the basic financial statements, which provide additional information essential to a
full understanding of the data provided in the financial statements;
• Supplementary information required by the Governmental Accounting Standards Board
(GASB) concerning the District's budget; and
• Other Texas supplementary information required by the District's state oversight agency, the
Texas Commission on Environmental Quality (TCEQ.
Overview of the Financial Statements
The District prepares its basic financial statements using a format that combines fund financial
statements and government -wide statements onto one financial statement. The combined statements
are the Statement of Net Position and Governmental Funds Balance Sheet and the Statement of Aabilies and
Governmental Funds Revenues, Expenditures and Changes in Fund Balances. Each statement contains an
adjustments column which quantifies the differences between the government -wide and fund level
statements. Additional details of the adjustments are provided in Note 2 to the basic financial
statements.
Government -Wide Financial Statements
The focus of government -wide financial statements is on the overall financial position and activities
of the District, both long-term and short-term. The District's government -wide financial statements
consist of the Statement ofNet Position and the Statement ofActivities, which are prepared using the accrual
basis of accounting. The Statement of Net Position includes all of the District's assets, deferred outflows
of resources, liabilities, and deferred inflows of resources with the residual reported as net position.
Over time, changes in net position may provide a useful indicator of whether the financial position of
the District as a whole is improving or deteriorating.
Accounting standards establish three components of net position. The net investment in capital assets
component represents the District's investments in capital assets, less any outstanding debt or other
borrowings used to acquire those assets. Resources needed to repay this debt must be provided from
other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The
restricted component of net position consists of financial resources that are restricted for a specific
purpose by enabling legislation or external parties. The unrestricted component of net position
represents resources not included in the other components.
7
Brazos County Municipal Utility District No. 1
Management's Discussion and Analysis
November 30, 2024
The Slatearent ofActivilies reports how the District's net position has changed during the fiscal year. All
revenues and expenses are included on this statement, regardless of whether cash has been received
or paid.
Fund Financial Statements
The fund financial statements include the Governmental Funds Balance Sheet and the Governmental Funds
Revenues, Expenditures and Changes in Fund Balances. The focus of fund financial statements is on specific
activities of the District rather than the District as a whole, reported using modified accrual accounting.
These statements report on the District's use of available financial resources and the balances of
available financial resources at the end of the year. Except for the General Fund, a specific fund is
established to satis6T managerial control over resources or to satisfy finance -related legal requirements
established by external parties, governmental statutes or regulations.
For further discussion on the government -wide and fund financial statements, please refer to Note 1
in the financial statements.
Financial Analysis of the District as a Whole
The District's net position at November 30, 2024, was negative $31,744,617. The District's net
position is negative because the District incurs debt to construct water and sewer facilities which it
conveys to the City of College Station and roads which it conveys to Brazos County. A comparative
summary of the District's overall financial position, as of November 30, 2024 and 2023, is as follows:
2024
2023
Current and other assets
$ 2,735,304
$ 1,792,639
Capital assets
18,565,239
15,713,646
Total assets
21,300,543
17,506,285
Current liabilities
752,597
450,394
Long-term liabilities
50,521,685
40,293,989
Total liabilities
51,274,282
40,744,383
Total deferred inflows of resources
1,770,878
1,273,821
Net position
Net investment in capital assets (1,994,513) (1,284,024)
Restricted 144,194 201,421
Unrestricted (29,894,298) (23,429,316)
Total net position $ (31,744,617) $ (24,511,919)
Brazos County Municipal Utility District No. 1
Management's Discussion and Analysis
November 30, 2024
The total net position of the District decreased during the current fiscal year by $7,232,698. A
comparative summary of the District's Statement of Aetinilies for the past two fiscal years is as follows:
2024 2023
Revenues
Property taxes, penalties and interest $ 1,287,625 $ 641,728
Other 86,906 35,505
Total revenues 1,374,531 677,233
Expenses
Operating and administrative
409,774
358,951
Debt interest and fees
570,441
227,162
Developer interest
826,654
601,797
Debt issuance costs
697,097
339,454
Depreciation
170,218
132,711
Total expenses
2,674,184
1,660,075
Change in net position before other item
(1,299,653)
(982,842)
Other item
Transfers to other governments (5,933,045) (6,325,304)
Change in net position (7,232,698) (7,308,146)
Net position, beginning of year (24,511,919) (17,203,773)
Net position, end of year $ (31,744,617) $ (24,511,919)
Financial Analysis of the District's Funds
The District's combined fund balances, as of November 30, 2024, were $709,273, which consists of
$416,936 in the General Fund, $284,385 in the Debt Service Fund and $7,952 in the Capital Projects
Fund.
General Fund
A comparative summary of the General Fund's financial position as of November 30, 2024 and 2023,
is as follows:
2024 2023
Total assets $ 1,090,512 $ 1,044,351
Total liabilities $ 230,570 $ 183,404
Total deferred inflows 443,006 765,077
Total fund balance 416,936 95,870
Total liabilities, deferred inflows and fund balance $ 1,090,512 $ 1,044,351
9
Brazos County Municipal Utility District No. 1
Management's Discussion and Analysis
November30, 2024
A comparative summary of the General Fund's activities for the current and prior fiscal year is as
follows:
2024 2023
Total revenues $ 791,437 $ 417,517
Total expenditures (470,371) (331,250)
Revenues over expenditures $ 321,066 $ 86,267
The District manages its activities with the objectives of ensuring that expenditures will be adequately
covered by revenues each year and that an adequate fund balance is maintained. The District's primary
financial resources in the General Fund are from a property tax levy, which is dependent upon assessed
values in the District and the maintenance tax rate set by the District. The 2023 levy was recognized
as revenues in the 2024 fiscal year, while the 2022 levy was recognized in the 2023 fiscal year (to the
extent that these amounts were collected). While the District decreased its maintenance tax levy,
property tax revenues increased because assessed values in the District increased from the prior year.
Debt Sen ice Fund
A comparative summary of the Debt Service Fund's financial position as of November 30, 2024 and
2023, is as follows:
2024 2023
Total assets $ 1,612,728 $ 748,288
Total liabilities $ - $ 14,063
Total deferred inflows 1,328,343 509,989
Total fund balance 284,385 224,236
Total liabilities, deferred inflows and fund balance $ 1,612,728 $ 748,288
A comparative summary of the Debt Service Fund's activities for the current and prior fiscal year is
as follows:
2024 2023
Total revenues $ 568,939 $ 257,064
Total expenditures (700,296) (294,122)
Revenues under expenditures (131,357) (37,058)
Other changes in fund balance 191,506 181,063
Net change in fund balance $ 60,149 $ 144,005
The District's financial resources in the Debt Service Fund in both the current and prior fiscal year
are from property tax revenues and capitalized interest from the sale of bonds. The difference between
these financial resources and debt service requirements resulted in an increase in fund balance each
year. It is important to note that the District sets its annual debt service tax rate as recommended by
its financial advisor, who monitors projected cash flows in the Debt Service Fund to ensure that the
District will be able to meet its future debt service requirements.
10
Brazos County Municipal Utility District No. 1
Management's Discussion and Analysis
November 30, 2024
Capital Projeds Fund
A comparative summary of the Capital Projects Fund's financial position as of November 30, 2024
and 2023, is as follows:
2024 2023
Total assets $ 32,064 $ -
Total liabilities $ 24,112 $ 24,112
Total fund balance 7,952 (24,112)
Total liabilities and fund balance $ 32,064 $ -
A comparative summary of activities in the Capital Projects Fund for the current and prior fiscal year
is as follows:
2024 2023
Total revenues $ 14,930 $ 1,407
Total expenditures (8,506,360) (3,684,051)
Revenues under expenditures (8,491,430) (3,682,644)
Other changes in fund balance 8,523,494 3,683,087
Net change in fund balance $ 32,064 $ 443
The District has had considerable capital asset activity in the last two fiscal years, which was financed
with proceeds from the issuance of its Series 2024 Unlimited Tax Road Bonds in the current fiscal
year and issuance of its Series 2023 Unlimited Tax Bonds in the prior fiscal year.
General Fund Budgetary Highlights
The Board of Directors adopts an annual unappropriated budget for the General Fund prior to the
beginning of each fiscal year. The Board did not amend the budget during the fiscal year.
Since the District's budget is primarily a planning tool, actual results varied from the budgeted
amounts. Actual net change in fund balance was $83,052 less than budgeted. The Budgetary Comparison
Scbedule on page 36 of this report provides variance information per financial statement line item.
Capital Assets
The District has entered into financing agreements with its developers for the financing of the
construction of capital assets within the District. Developers will be reimbursed from proceeds of
future bond issues or other lawfully available funds. These developer funded capital assets are recorded
on the District's financial statements upon completion of construction.
11
Brazos County Municipal Utility District No. 1
Management's Discussion and Analysis
November 30, 2024
Capital assets held by the District at November 30, 2024 and 2023, are summarized as follows:
2024 2023
Capital assets not being depreciated
Land and improvements $ 11,375,313 $ 10,041,308
Capital assets being depreciated
Drainage facilities
7,713,467
6,025,661
Landscaping improvements
22,560
22,560
7,736,027
6,048,221
Less accumulated depreciation
Drainage facilities
(540,461)
(371,371)
Landscaping improvements
(5,640)
(4,512)
(546,101)
(375,883)
Depreciable capital assets, net
7,189,926
5,672,338
Capital assets, net
$ 18,565,239
$ 15,713,646
Capital asset additions during the current fiscal year include the following:
• Clearing, grubbing and mass grading no. 4
• Southern Pointe Sections 105, 109, 202 and 403 — drainage
• Southern Pointe — storm sewer modification
• Southern Pointe — sanitary sewer improvements
The District and the City of College Station (the "City") have entered into an agreement which
obligates the District to construct water and wastewater facilities to serve the District and, when
completed, to convey title to the facilities to the City. Additional information is presented in Note 11.
Additionally, the District and Brazos County (the "County") have entered into an agreement for the
construction of road facilities within the boundaries of the District and, when completed, to convey
title to the facilities to the County for acceptance into the County system. Additional information is
presented in Note 12.
Accordingly, these public water, sewer, and road facilities are not considered assets of the District.
The estimated value of these assets is recorded as transfers to other governments upon completion of
construction. This estimated cost is trued -up when the developers are reimbursed. For the year ended
November 30, 2024, capital assets in the amount of $5,933,045 have been completed and recorded as
transfers to other governments in the government -wide statements. Additional information is
presented in Note 10,
Long -Term Debt and Related Liabilities
As of November 30, 2024, the District owes approximately $34,876,685 to its developers for
completed projects and operating advances. The initial cost of the completed project and related
liability is estimated based on actual construction costs plus 10-15% for engineering and other fees
and is recorded on the District's financial statements upon completion of construction. As discussed
12
Brazos County Municipal Utility District No. 1
Management's Discussion and Analysis
November 30, 2024
in Note 7, the District has an additional commitment in the amount of $14,817,789 for projects under
construction by the developers. As noted, the District will owe its developers for these projects upon
completion of construction. The District intends to reimburse the developers from proceeds of future
bond issues or other lawfully available funds. The estimated cost of amounts owed to the developers
are trued up when the developers are reimbursed.
At November 30, 2024 and 2023, the District had total bonded debt outstanding as shown below:
Series 2024 2023
2020 Road $ 1,825,000 $ 1,870,000
2022 1,510,000 1,550,000
2023 3,930,000 4,005,000
2024 Road 8,715,000
$ 15,980,000 $ 7,425,000
During the current fiscal year, the District issued $8,715,000 in unlimited tax road bonds. At
November 30, 2024, the District had $230,005,000 unlimited tax bonds authorized, but unissued for
the purposes of acquiring, constructing and improving the water, sanitary sewer and drainage systems
within the District and the refunding of such bonds; and $93,345,000 for road improvements and the
refunding of such bonds.
Next Year's Budget
In establishing the budget for the next fiscal year, the Board considered various economic factors that
may affect the District, most notably projected revenues from property taxes and the projected cost
of operating the District. A comparison of next fiscal year's budget to current fiscal year actual
amounts for the General Fund is as follows:
2024 Actual
Total revenues
$ 791,437
Total expenditures
(470,371)
Revenues over expenditures
321,066
Beginning fund balance
95,870
Ending fund balance
$ 416,936
13
2025 Budget
$ 474,500
(430,820)
43,680
416,936
$ 460,616
(This p gr intextional# left hlagk)
14
Basic Financial Statements
15
Brazos County Municipal Utility District No. 1
Statement ofNet Position and Governmental Funds Balance Sheet
November30, 2024
Debt
Capital
General
Service
Projects
Statement of
Fund
Fund
Fund
Total
Adjustments
Net Position
Assets
Cash
$ 99,985
$ 138,908
$ -
$ 238,893
$ -
$ 238,893
Investments
490,933
297,825
32,064
820,822
820,822
Taxes receivable, net
408,880
1,225,952
1,634,832
1,634,832
Internal balances
49,957
(49,957)
Prepaid items
4,298
4,298
4,298
Restricted assets:
Road maintenance fund
36,459
36,459
36,459
Capital assets not being depreciated
11,375,313
11,375,313
Capital assets, net
7,189,926
7,189,926
Total Assets
$ 1,090,512
$ 1,612,728
$ 32,064
$ 2,735,304
18,565,239
21,300,543
Liabilities
Accounts payable $
112,227
$ - $ -
$ 112,227
112,227
Other payables
203
203
203
.accrued legal expenses
104,220
24,112
128,332
128,332
Road maintenance fund advance
13,920
13,920
13,920
Accrued interest payable
162,915
162,915
Due to developers
34,876,685
34,876,685
Long-term debt
Due within one year
335,000
335,000
Due after one year
15,645,000
15,645,000
Total Liabilities
230,570
24,112
254,682
51,019,600
51,274,282
Deferred Inflows of Resources
Deferred property taxes
443,006
1,328,343
1,771,349
! 1-1
1,770,878
Fund Balances/Net Position
Fund Balances
Nonspendable
4,298
4,298
(4,298)
Restricted
22,539
284,385 7,952
314,876
(314,876)
Unassigned
390,099
390,099
(390,099)
Total Fund Balances
416,936
284,385 7,952
709,273
(709,273)
Total Liabilities, Deferred Inflows
of Resources and Fund Balances $
1,090,512
$ 1,612,728 $ 32,064
$ 2,735,304
Net Position
Net investment in capital assets
(1,994.513)
(1,994,513)
Restricted for debt service
121,655
121,655
Restricted for other purposes
22,539
22,539
Unrestricted
(29,894,298)
(29,894,298)
Total Net Position
S (31,744,617)
$ (31,744,617)
See notes to basic financial statements.
16
Brazos County Municipal Utility District No. 1
Statement ofActivides and Governmental Funds Revenues, Expenditures and Cbanges in Fund Balances
For the Year Ended November 30, 2024
Debt
Capital
General
Service
Projects
Statement of
Fund
Fund
Fund
Total
Adjustments
Activities
Revenues
Property taxes
$ 759,850
$ 521,249
$ -
$ 1,281,099
$ (775)
$ 1,280,324
Penalties and interest
7,301
7,301
7,301
iVliscellaneous
10,867
10,867
10,867
Investment earnings
31,587
29,522
14,930
76,039
76,039
Total Revenues
791,437
568,939
14,930
1,375,306
(775)
1,374,531
Expenditures /Expense s
Operating and administrative
Professional fees
231,792
231,792
231,792
Contracted services
40,406
53,019
93,425
93,425
Repairs and maintenance
48,825
48,825
48,825
Administrative
22,531
3,903
26,434
26,434
Other
2,266
7,032
9,298
9,298
Capital outlay
124,551
6,982,609
7,107,160
(7,107,160)
Debt service
Principal
160,000
160,000
(160,000)
Interest and fees
476,342
476,342
94,099
570,441
Developer interest
826,654
826,654
826,654
Debt issuance costs
697,097
697,097
697,097
Depreciation
170,218
170,218
Total Expenditures/Expenses
470,371
700,296
8,506,360
9,677,027
(7,002,843)
2,674,184
Revenues Over (Under)
Expenditures/Expenses
321,066
(131,357)
(8,491,430)
(8,301,721)
7,002,068
(1,299,653)
Other Financing Sources
Proceeds from sale of bonds
191,506
8,523,494
8,715,000
(8,715,000)
Other Item
Transfers to other governments
(5,933,045)
(5,933,045)
Net Change in Fund Balances
321,066
60,149
32,064
413,279
(413,279)
Change in Net Position
(7,232,698)
(7,232,698)
Fund Balance/Net Position
Beginning of the year
95,870
224,236
(24,112)
295,994
(24,807,913)
(24,511,919)
End of the year
$ 416,936
$ 284,385
$ 7,952
$ 709,273
$ (32,453,890)
$ (31,744,617)
See notes to basic financial statements.
17
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18
Brazos County jVfunicipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
Note 1— Summary of Significant Accounting Policies
The accounting policies of Brazos County Municipal Utility District No. 1 (the "District' conform
with accounting principles generally accepted in the United States of America as promulgated by the
Governmental Accounting Standards Board ("GASB"). The following is a summary of the most
significant policies:
Creation
The District was organized, created and established pursuant to an order of the Texas Commission
on Environmental Quality, dated January 14, 2015, and operates in accordance with the Texas Water
Code, Chapters 49 and 54. The Board of Directors held its first meeting on January 29, 2015, and the
first bonds were issued on September 24, 2020.
The District's primary activities include construction of water, sewer, drainage, and road facilities
within the District. As further discussed in Note 11 and 12, the District transfers its water and sewer
facilities to the City of College Station for operation and maintenance upon completion of
construction and road facilities to Brazos County for acceptance into the public road system. The
District has contracted with various consultants to provide services to operate and administer the
affairs of the District. The District has no employees, related payroll or pension costs.
Reporting Entity
The District is a political subdivision of the State of Texas governed by an elected five -member board.
The GASB has established the criteria for determining the reporting entity for financial statement
reporting purposes. To qualify as a primary government, a government must have a separately elected
governing body, be legally separate, and be fiscally independent of other state and local governments,
while a component unit is a legally separate government for which the elected officials of a primary
government are financially accountable. Fiscal independence implies that the government has the
authority to adopt a budget, levy taxes, set rates, and/or issue bonds without approval from other
governments. Under these criteria, the District is considered a primary government and is not a
component unit of any other government. Additionallj,, no other entities meet the criteria for inclusion
in the District's financial statements as component units.
Government -Wide and Fund Financial Statements
Government -wide financial statements display information about the District as a whole. These
statements focus on the sustainability of the District as an entity and the change in aggregate financial
position resulting from the activities of the fiscal period. Interfund activity, if any, has been removed
from these statements. These aggregated statements consist of the Statement of Net Position and the
Statement ofActiuities.
Fund financial statements display information at the individual fund level. A fund is a grouping of
related accounts that is used to maintain control over resources that have been segregated for a specific
purpose. Each fund is considered to be a separate accounting entity. Most governments typically have
many funds; however, governmental financial statements focus on the most important or "major"
19
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
funds with non -major funds aggregated in a single column. The District has three governmental funds,
which are all considered major funds.
The following is a description of the various funds used by the District:
• The General Fund is used to account for the operations of the District's and all other financial
transactions not reported in other funds. The principal sources of revenue are property taxes.
Expenditures include costs associated with the daily operations of the District.
• The Debt Service Fund is used to account for the payment of interest and principal on the
District's general long-term debt. The primary source of revenue for debt service is property taxes.
During the current fiscal year, financial resources also included capitalized interest from the sale
of bonds. Expenditures include costs incurred in assessing and collecting these taxes.
• The Capital Proiects Fund is used to account for the expenditures of bond proceeds for the
construction of the District's water, sewer and drainage facilities and road improvements.
As a special-purpose government engaged in a single governmental program, the District has opted
to combine its government -wide and fund financial statements in a columnar format showing an
adjustments column for reconciling items between the two.
Measurement Focus and Basis of Accounting
The government -wide financial statements use the economic resources measurement focus and the
full accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when
a liability is incurred, regardless of the timing of the related cash flows. Property taxes are recognized
as revenue in the year for which they are levied.
The fund financial statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Revenue is recognized in the accounting period in which
it becomes both available and measurable to finance expenditures of the current period. For this
purpose, the government considers revenues to be available if they are collected within sixty days of
the end of the current fiscal period. Revenues susceptible to accrual include property taxes and interest
earned on investments. Property taxes receivable at the end of the fiscal year are treated as deferred
inflows because they are not considered available to pay liabilities of the current period. Expenditures
are recognized in the accounting period in which the liability is incurred, if measurable, except for
unmatured interest on long-term debt, which is recognized when due.
Note 2 further details the adjustments from the governmental fund presentation to the government -
wide presentation.
Use of Restricted Resources
W'hen both restricted and unrestricted resources are available for use, the District uses restricted
resources first, then unrestricted resources as they are needed.
NE
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
Prepaid Items
Certain payments made by the District reflect costs applicable to future accounting periods and are
recorded as prepaid items in both the government -wide and fund financial statements.
Receivables
All receivables are reported at their gross value and, where appropriate, are reduced by the estimated
portion that is expected to be uncollectible. Receivables from and payables to external parties are
reported separately and are not offset, unless a legal right of offset exists. At November 30, 2024, an
allowance of $1,900 was provided for possible uncollectible property taxes. An allowance for
uncollectible water/sewer accounts was not considered necessary.
Interfund Activity
During the course of operations, transactions occur between individual funds. This can include
internal transfers, payables and receivables. This activity is combined as internal balances and is
eliminated in both the government -wide and fund financial statement presentation.
Capital Assets
Capital assets do not provide financial resources at the fund level, and, therefore, are reported only in
the government -wide statements. The District defines capital assets as assets with an initial cost that
exceeds the capitalization threshold for the asset class and an estimated useful life in excess of one
year. Capital assets that individually are below the capitalization threshold but, in the aggregate, are
above the threshold are capitalized. Subsequent replacements of these assets that do not exceed the
threshold are not capitalized. The District's capitalization threshold for infrastructure assets is $50,000.
Capital assets are recorded at historical cost or estimated historical cost. Donated capital assets are
recorded at acquisition value, which is the price that would be paid to acquire the asset on the
acquisition date. The District has not capitalized interest incurred during the construction of its capital
assets. The costs of normal maintenance and repairs that do not add to the value of the assets or
materially extend asset lives are not capitalized.
Depreciable capital assets, which primarily consist of drainage facilities, are depreciated using the
straight-line method as follows:
Assets Useful Life
Infrastructure 45 years
Landscaping improvements 20 years
The District's detention facilities and drainage channels are considered improvements to land and are
non -depreciable.
21
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
Deferred Inflows and Outflows of Financial Resources
A deferred inflow of financial resources is the acquisition of resources in one period that is applicable
to a future period, while a deferred outflow of financial resources is the consumption of financial
resources in one period that is applicable to a future period. A deferred inflow results from the
acquisition of an asset without a corresponding revenue or assumption of a liability. A deferred
outflow results from the use of an asset without a corresponding expenditure or reduction of a liability.
At the fund level, property taxes receivable not collected within 60 days of fiscal year end do not meet
the availability criteria required for revenue recognition and are recorded as deferred inflows of
financial resources. Additionally, collections of the 2024 property tax levy are not considered current
year revenues and, consequently, are also reported as deferred property taxes.
Deferred inflows of financial resources at the government -wide level consist of the 2024 property tax
levy, which was levied to finance the 2025 fiscal year.
Net Position — Governmental Activities
Governmental accounting standards establish the following three components of net position:
Net investment in capital assets — represents the District's investments in capital assets, less any
outstanding debt or other borrowings used to acquire those assets.
Restricted — consists of financial resources that are restricted for a specific purpose by enabling
legislation or external parties.
Unrestricted — resources not included in the other components.
Fund Balances — Governmental Funds
Governmental accounting standards establish the following fund balance classifications:
Nonspendable - amounts that cannot be spent either because they are in nonspendable form or
because they are legally or contractually required to be maintained intact. The District's nonspendable
fund balance consists of prepaid items.
Restricted - amounts that can be spent only for specific purposes because of constitutional provisions
or enabling legislation or because of constraints that are externally imposed by creditors, grantors,
contributors, or the laws or regulations of other governments. The District's restricted fund balances
consist of cash held in escrow for road maintenance in the General Fund, property taxes levied for
debt service in the Debt Service Fund, and unspent bond proceeds in the Capital Projects Fund.
Committed - amounts that can be used only for specific purposes determined by a formal action of
the Board of Directors. The Board is the highest level of decision -making authority for the District.
Commitments may be established, modified, or rescinded only through ordinances or resolutions
approved by the Board. Committed fund balance also incorporates contractual obligations to the
22
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
extent that existing resources in the fund have been specifically committed for use in satisfying those
contractual requirements. The District does not have any committed fund balances.
Assigned - amounts that do not meet the criteria to be classified as restricted or committed but that
are intended to be used for specific purposes. The District has not adopted a formal policy regarding
the assignment of fund balances and does not have any assigned fund balances.
Unassigned - all other spendable amounts in the General Fund.
When an expenditure is incurred for which committed, assigned, or unassigned fund balances are
available, the District considers amounts to have been spent first out of committed funds, then
assigned funds, and finally unassigned funds.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements,
and revenues and expenses/expenditures during the period reported. These estimates include, among
others, the collectability of receivables; the useful lives and impairment of capital assets; the value of
amounts due to developers; the value of capital assets transferred to the City of College Station and
Brazos County and the value of capital assets for which the developers have not been fully reimbursed.
Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the
financial statements in the period they are determined to be necessary. Actual results could differ from
the estimates.
23
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
Note 2 — Adjustment from Governmental to Government -wide Basis
Reconciliation of the Governmental Funds Balance Sheet to the Statement ofNet Position
Total fund balance, governmental funds $ 709,273
Capital assets used in governmental activities are not financial resources
and, therefore, are not reported as assets in governmental funds.
Historical cost
$ 19,111,340
Less accumulated depreciation
(546,101)
18,565,239
Long-term liabilities are not due and payable in the current period and,
therefore, are not reported as liabilities in the governmental funds. The
difference consists of:
Accrued interest payable
(162,915)
Due to developers
(34,876,685)
Bonds payable
(15,980,000)
(51,019,600)
Deferred inflows in the fund statements consist of the unavailable portion
of property taxes receivable, as well as collections of the District's 2024
property tax levy. In the Statement of Net Position, deferred inflows consist
of the entire 2024 property tax levy.
Fund level deferred property taxes
1,771,349
Government -wide level deferred property taxes
(1,770,878)
471
Total net position - governmental activities
$ (31,744,617)
24
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and
Changes in Fund Balances to the Statement ofActivities
Net change in fund balances - total governmental funds $ 413,279
Governmental funds do not report revenues that are not available to pay
current obligations. In contrast, such revenues are reported in the Statement
ofAah)ities when earned. The difference is for property taxes. (775)
Financial reporting for capital assets varies significantly between the fund
statements and the government -wide statements. Reporting at the fund
level focuses on the impact of transactions on financial resources (i.e.,
cash), while reporting at the government -wide level seeks to allocate the
cost of the acquisition of capital assets over their useful lives and to
measure the economic impact of developer financing of capital assets used
by the District or conveyed to other governmental entities. Differences
during the current fiscal ,year are for the following:
Capital outlays $ 7,107,160
Transfers to other governments (5,933,045)
Depreciation expense (170,218)
1,003,897
Financial reporting for certain obligations varies between the fund
statements and the government -wide statements. At the fund level, the
focus is on increases and decreases of financial resources as debt is issued
and repaid. At the government -wide level, the focus is on measuring and
reporting on changes in the District's obligation to repay liabilities in the
future. Differences during the current fiscal year are for the following:
Issuance of long-term debt (8,715,000)
Principal payments 160,000
Interest expense accrual (94,099)
(8,649,099)
Change in net position of governmental activities $ (7,232,698)
Note 3 — Implementation of New Accounting Guidance
During the current fiscal year, the District implemented GASB Implementation Guide ("GASBIG")
2021-1, Question 5.1, which requires the capitalization of the acquisition of a group of individual
capital assets whose individual acquisition costs are less than the capitalization threshold when the
cost of the acquisition of the assets in the aggregate is significant. This new guidance had no effect on
the District's financial statements during the current fiscal year.
25
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
Note 4 — Deposits and Investments
Deposit Custodial Credit Risk
Custodial credit risk as it applies to deposits (i.e. cash) is the risk that, in the event of the failure of the
depository institution, a government will not be able to recover its deposits or will not be able to
recover collateral securities. The Public Funds Collateral Act (Chapter 2257, Texas Government Code)
requires that all of the District's deposits with financial institutions be covered by federal depository
insurance and, if necessary, pledged collateral held by a third -party custodian. The act further specifies
the types of securities that can be used as collateral. The District's written investment policy establishes
additional requirements for collateralization of deposits.
Restricted Cash
As discussed in Note 12, the District entered into that First Supplement to Interlocal and Funding
Agreement for the Maintenance of Roads between Brazos County and the District, as well as a related
escrow agreement with Central Bank, the Escrow Agent. Pursuant to the agreement, the District has
$36,459 in an escrow account, which is reported as restricted cash in the General Fund.
Investments
The District is authorized by the Public Funds Investment Act (Chapter 2256, Texas Government Code)
to invest in the following: (1) obligations, including letters of credit, of the United States or its agencies
and instrumentalities, including Federal Home Loan Banks, (2) direct obligations of the State of Texas
or its agencies and instrumentalities, (3) certain collateralized mortgage obligations, (4) other
obligations, which are unconditionally guaranteed or insured by the State of Texas or the United States
or its agencies or instrumentalities, including obligations that are fully guaranteed or insured by the
Federal Deposit Insurance Corporation or by the explicit full faith and credit of the United States, (5)
certain A rated or higher obligations of states and political subdivisions of any state, (6) bonds issued,
assumed or guaranteed by the State of Israel, (7) certain insured or collateralized certificates of deposit
and share certificates, (8) certain fully collateralized repurchase agreements, (9) bankers' acceptances
with limitations, (10) commercial paper rated A-1 or P-1 or higher and a maturity of 270 days or less,
(11) no-load money market mutual funds and no-load mutual funds, with limitations, (12) certain
guaranteed investment contracts, (13) certain qualified governmental investment pools and (14) a
qualified securities lending program.
The District has adopted a written investment policy to establish the principles by which the District's
investment program should be managed. This policy further restricts the types of investments in which
the District may invest.
26
Brazos County Municipal Ua kty District No. 1
Notes to Financial Statements
November 30, 2024
As of November 30, 2024, the District's investments consist of the following:
Weighted
Carrying Average
Type Fund Value Rating Maturity
TexPool General $ 490,933
Debt Service 297,825
Capital Projects 32,064
$ 820,822 A.�—Am 40 days
TexPool
The District participates in TexPool, the Texas Local Government Investment Pool. The State
Comptroller of Public Accounts exercises oversight responsibility of TexPool, which includes (1) the
ability to significantly influence operations, (2) designation of management and (3) accountability for
fiscal matters. Additionally, the State Comptroller has established an advisory board composed of both
participants in TexPool and other persons who do not have a business relationship with TexPool. The
Advisory Board members review the investment policy and management fee structure.
As permitted by GAAP, TexPool uses amortized cost (which excludes unrealized gains and losses)
rather than market value to compute share price and seeks to maintain a constant dollar value per
share. Accordingly, the fair value of the District's position in TexPool is the same as the value of
TexPool shares. Investments in TexPool may be withdrawn on a same day basis, as long as the
transaction is executed by 3:30 p.m.
Investment Credit and Interest Rate Risk
Investment credit risk is the risk that the investor may not recover the value of an investment from
the issuer, while interest rate risk is the risk that the value of an investment will be adversely affected
by changes in interest rates. The District's investment policies do not address investment credit and
interest rate risk beyond the rating and maturity restrictions established by state statutes.
Note 5 — Interfund Balances and Transactions
Amounts due to/from other funds at November 30, 2024, consist of the following:
Receivable Fund Payable Fund Amounts Purpose
General Fund Debt Service Fund $ 49,957 Maintenance and road maintenance tax
collections not remitted as of year end
Amounts reported as internal balances between funds are considered temporary balances and will be
paid during the following fiscal year.
27
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
Note 6 — Capital Assets
A summary of changes in capital assets, for the year ended November 30, 2024, is as follows:
Capital assets not being depreciated
Land and improvements
Capital assets being depreciated
Drainage facilities
Landscaping improvements
Less accumulated depreciation
Drainage facilities
Landscaping improvements
Subtotal depreciable capital assets, net
Capital assets, net
Beginning Addtions/ Ending
Balances Adjustments Balances
$ 10,041,308 $ 1,334,005 $ 11,375,313
6,025,661
1,687,806
7,713,467
22,560
22,560
6,048,221
1,687,806
7,736,027
(371,371)
(169,090)
(540,461)
(4,512)
(1,128)
(5,640)
(375,883)
(170,218)
(546,101)
5,672,338
1,517,588
7,189,926
$ 15,713,646 $ 2,851,593 $ 18,565,239
Depreciation expense for the current fiscal year was $170,218.
Note 7 — Due to Developers
The District has entered into financing agreements with its developers for the financing of the
construction of water, sewer and drainage facilities and road improvements. Under the agreements,
the developers will advance funds for the construction of facilities to serve the District. The developers
will be reimbursed from proceeds of future bond issues or other lawfully available funds, subject to
approval by TCEQ, as applicable. The District does not record the capital asset and related liability
on the government -wide statements until construction of the facilities is complete. The initial cost is
estimated based on construction costs plus 10-15% for engineering and other fees. Estimates are trued
up when the developers are reimbursed.
Changes in the estimated amounts due to developers during the fiscal year are as follows:
Due to developers, beginning of year $ 33,028,989
Developer reimbursements (6,982,609)
Developer funded construction and adjustments 8,830,305
Due to developers, end of year $ 34,876,685
In addition, the District will owe the developers approximately $14,817,789, which is included in the
following schedule of contractual commitments. The exact amount is not known until approved by
W
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
the TCEQ and verified by the District's auditor. As previously noted, these projects will be reported
in the government -wide financial statements upon completion of construction.
Contract
Percent
Amount
Complete
Southern Pointe:
Lift station upgrade
$ 430,597
89%
Section 203 - utilities
2,933,006
68%
Section 700 - utilities
3,460,571
9%
Section 401 - replat
3,249,336
0%
Detention and mass grading no. 5
3,076,658
29%
Offsite drainage for mass grading no. 5
1,667,621
0%
$ 14,817,789
Note 8 — Long -Term Debt
Long-term debt is comprised of the following:
Bonds payable
$ 15,980,000
Due within one
year
$ 335,000
The District's bonds payable at November 30, 2024, consists of unlimited tax bonds as follows:
Maturity Date,
Serially,
Interest
Amounts
Original
Interest
Beginning/
Payment
can
Series
Outstanding
Issue
Rates
Ending
Dates
Dates
2020
S 1,825,000
$ 2,000,000
1.50% - 3.15%
September 1,
March 1,
September 1,
Road
2021/2050
September 1
2026
2022
1,510,000
1,590,000
2.00% - 3.00%
September 1,
March 1,
September 1,
2023/2046
September 1
2027
2023
3,930,000
4,005,000
4.125% - 6.625%
September 1,
March 1,
September 1,
2024/2050
September 1
2028
2024
8,715,000
8,715,000
4.00% - 6.50%
September 1,
March 1,
September 1,
Road
2025/2050
September 1
2030
$ 15,980,000
Payments of principal and interest on all series of bonds are to be provided from taxes levied on all
properties within the District. Investment income realized by the Debt Service Fund from investment
of idle funds will be used to pay outstanding bond principal and interest. The District is in compliance
with the terms of its bond resolutions.
PA
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
At November 30, 2024, the District had authorized but unissued bonds in the amount of $230,005,000
for water, sewer and drainage facilities and the refunding of such bonds; and $93,345,000 road
improvements and the refunding of such bonds.
On February 22, 2024, the District issued its $8,715,000 Series 2024 Unlimited Tax Road Bonds at a
net effective interest rate of 4.362468%. Proceeds of the bonds were used (1) to reimburse developers
for the following: the construction of capital assets within the District; engineering and other costs
associated with the construction of capital assets; the acquisition of land for certain District facilities;
(2) to pay developer interest at the net effective interest rate of the bonds and (3) to pay capitalized
interest into the Debt Service Fund.
The change in the District's long-term debt during the fiscal year is as follows:
Bonds payable, beginning of year $ 7,425,000
Bonds issued 8,715,000
Bonds retired (160,000)
Bonds payable, end of year $ 15,980,000
30
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
As of November 30, 2024, annual debt service requirements on bonds outstanding are as follows:
Year
Principal
Interest
Totals
2025
$ 335,000
$ 651,661
$ 986,661
2026
350,000
634,067
984,067
2027
365,000
615,492
980,492
2028
385,000
596,105
981,105
2029
400,000
575,583
975,583
2030
425,000
556,400
981,400
2031
445,000
536,015
981,015
2032
470,000
519,946
989,946
2033
490,000
502,819
992,819
2034
515,000
484,820
999,820
2035
535,000
465,722
1,000,722
2036
550,000
445,819
995,819
2037
575,000
425,131
1,000,131
2038
605,000
403,432
1,008,432
2039
625,000
380,638
1,005,638
2040
665,000
356,850
1,021,850
2041
690,000
331,350
1,021,350
2042
725,000
304,838
1,029,838
2043
765,000
276,926
1,041,926
2044
805,000
246,919
1,051,919
2045
845,000
215,113
1,060,113
2046
880,000
181,685
1,061,685
2047
820,000
146,843
966,843
2048
865,000
113,379
978,379
2049
900,000
77,742
977,742
2050
950,000
39,925
989,925
$ 15,980,000
$ 10,085,220
$ 26,065,220
Note 9 - Property Taxes
On November 3, 2015, the voters of the District authorized the District's Board of Directors to levy
taxes annually for use in financing general operations limited to $1.00 per $100 of assessed value. In
addition, the voters authorized the District's Board of Directors to levy a road maintenance tax limited
to $0.25 per $100 of assessed value. The District's bond resolutions require that property taxes be
levied for use in paying interest and principal on long-term debt and for use in paying the cost of
assessing and collecting taxes. Taxes levied to finance debt service requirements on long-term debt
are without limitation as to rate or amount.
All property values and exempt status, if any, are determined by the Brazos Central Appraisal District.
Assessed values are determined as of January 1 of each year, at which time a tax lien attaches to the
related property. Taxes are levied around October/November, are due upon receipt and are
delinquent the following February 1. Penalty and interest attach thereafter.
31
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November30, 2024
Property taxes are collected based on rates adopted in the year of the levy. The District's 2024 fiscal
year was financed through the 2023 tax levy, pursuant to which the District levied property taxes of
$1.00 per $100 of assessed value, of which $0.585 was allocated to maintenance and operations, $0.015
was allocated to road maintenance and operations, $0.355 was allocated to debt service, and $0.045
was allocated to road debt service. The resulting tax levy was $1,265,615 on the adjusted taxable value
of $126,561,450.
Property taxes levied each October are intended to finance the next fiscal year and are, therefore, not
considered available for the District's use during the current fiscal year. Consequently, 2024 levy
collections in the amount of $136,518 have been included with deferred property taxes and are
recorded as deferred inflows of resources on the Governmental Funds Balance Sheet. On the government -
wide Statement of Net Position, the full 2024 tax levy of $1,770,878 is reported as deferred inflows. These
amounts will be recognized as revenue in 2025.
Net property taxes receivable, at November 30, 2024, consisted of the following:
Current year taxes receivable $ 1,634,360
Prior years taxes receivable 2,372
Less allowance for uncollectible accounts (1,900)
Net property taxes receivable $ 1,634,832
Note 10 — Transfers to Other Governments
In accordance with an agreement between the District and the City of College Station (the "City"),
the District transfers its water and sewer facilities to the City for operation and maintenance upon
completion of construction. See Note 11 for additional information.
Additionally, the District and Brazos County (the "County") have entered into that First Supplement
to Interlocal and Funding Agreement for the Maintenance of Roads for the construction of road
facilities within the boundaries of the District and, when completed, to convey title to the facilities to
the County for acceptance into the County public road system. See Note 12 for additional information.
Accordingly, the District does not record these capital assets in the Statement of Net Position, but instead
reports the completed projects as transfers to other governments on the Statement of Activities. The
estimated cost of each project is trued -up when the developers are subsequently reimbursed. For the
year ended November 30, 2024, the District reported transfers to other governments in the amount
of $5,933,045 for projects completed and transferred.
Note 11— Agreements with the City of College Station
Utility Agreement
On May 31, 2016, subsequently amended December 2, 2016, the District entered into a Utility
Agreement (the "Agreement") with the City of College Station (the "City") for construction and
extension of water distribution lines and sanitary sewer collection systems to serve the District. As the
system is acquired or constructed, the District shall transfer the system to the City but will reserve a
32
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November30, 2024
security interest in the system and provide service to all users in the District. The term of the
Agreement is for 30 years.
Water and sewer rates charged by the City (before surcharges below are added) to users in the District,
shall be the same rates charged to similar classifications of users in non -municipal utility district areas
and within the City. All revenue derived from these charges belongs to the City. In lieu of impact fees,
the City may levy a surcharge of up to fifty percent on then -current water rates for each customer in
the District to recover the capital costs of providing such services.
The Agreement further states that the City will participate on construction costs of certain off -site
infrastructure that is required to provide services for the District.
Strategic Partnership Agreement
On May 31, 2016, the District entered into a Strategic Partnership Agreement (the "SPA Agreement")
with the City of College Station (the "City"). The SPA Agreement provides for a limited purpose
annexation of certain areas of the District that have been developed for retail and commercial
purposes. The City agrees not to annex the District for full purposes during the 30-year term of the
SPA Agreement. The District will continue to provide drainage services to all properties within its
boundaries until full annexation.
Note 12 — Interlocal and Funding Agreement for the Maintenance of Roads
On December 27, 2016, the District entered into an Interlocal and Funding Agreement for the
Maintenance of Roads (the "Interlocal Agreement") with Brazos County and its developer, Southern
Pointe LLC, ("the "Developer"). On March 5, 2024, the District and Brazos County entered into that
First Supplement to Interlocal and Funding Agreement for the Maintenance of Roads. The District
and/or the Developer shall construct or improve new or existing roads to serve the District to
standards required by the City. Subject to such standards, the County agrees to accept the roads into
the County system.
On January 5, 2024, the District entered into an Escrow Agreement with Central Bank (the "Escrow
Agreement") as required by the Interlocal Agreement for the maintenance of roads. Pursuant to the
Escrow Agreement, Central Bank will hold the funds required for the maintenance of roads.
The District has agreed to be responsible for all costs of maintenance of the roads and to pay for
maintenance costs by keeping a maintenance bond or surety in place until either the District is annexed
into the City or the District maintains a separate account with a sufficient balance for road
maintenance, whichever is earlier. As of November 30, 2024, the District has $36,459 held in escrow
for the maintenance of roads, which is reported as restricted cash.
Note 13 — Risk Management
The District is exposed to various risks of loss related to torts: theft of, damage to and destruction of
assets; errors and omissions; and personal injuries. The risk of loss is covered by commercial insurance.
33
Brazos County Municipal Utility District No. 1
Notes to Financial Statements
November 30, 2024
There have been no significant reductions in insurance coverage from the prior year. Settlement
amounts have not exceeded insurance coverage for the current year or the three prior years.
34
Required Supplementary Information
35
Brazos County Municipal Utility District No. 1
Required Supplementary Information -Budgetary Comparison Schedule -General Fund
For the Year Ended November 30, 2024
Variance
Original and
Positive
Final Budget
Actual
(Negative)
Revenues
Property taxes
$ 753,872
$ 759,850
$ 5,978
Investment earnings
18,346
31,587
13,241
Total Revenues
772,218
791,437
19,219
Expenditures
Operating and administrative
Professional fees
214,000
231,792
(17,792)
Contracted services
41,500
40,406
1,094
Repairs and maintenance
29,000
48,825
(19,825)
Administrative
20,800
22,531
(1,731)
Other
2,800
2,266
534
Capital outlay
60,000
124,551
(64,551)
Total Expenditures
368,100
470,371
(102,271)
Revenues Over Expenditures
404,118
321,066
(83,052)
Fund Balance
Beginning of the year
95,870
95,870
End of the year
$ 499,988
$ 416,936
$ (83,052)
36
Brazos County Municipal Utility District No. 1
Notes to Required Supplementarylnformation
November 30, 2024
Budgets and Budgetary Accounting
An annual unappropriated budget is adopted for the General Fund by the District's Board of
Directors. The budget is prepared using the same method of accounting as for financial reporting.
There were no amendments to the budget during the fiscal year.
37
(Ibir pale intentionally left blank)
38
Texas Supplementary Information
39
Brazos County Municipal Utility District No. 1
TSI-L Services and Rates
November 30, 2024
1. Services provided by the District During the Fiscal Year:
Retail Water Wholesale Water 11 Solid Waste / Garbage ❑X Drainage
Retail Wastewater Wholesale Wastewater Flood Control Irrigation
Parks / Recreation Fire Protection r-xl Roads 11 Security
Participates in joint venture, regional system and/or wastewater service (other than emergency interconnect)
Other (Specify): Water and sewer services provided by the City of College Station
2. Retail Service Providers
a. Retail Rates for a 5/8" meter (or equivalent):
Rate per 1,000
Minimum Minimum
Flat Rate Gallons Over
Charge Usage
(Y / N) Minimum Usage Usage Levels
Water:
to
Wastewater:
to
Surcharge:
to
District employs winter averaging for wastewater usage? Yes No
Total charges per 10,000 gallons usage:
Water Wastewater
b. Water and Wastewater Retail Connections:
Total
Active Active
Meter Size Connections
Connections ESFC Factor ESFC'S
Unmetered
x 1.0
less than 3/4"
x 1.0
1"
x 2.5
1.5"
x 5.0
2"
x 8.0
3"
x 15.0
4"
x 25.0
6"
x 50.0
8"
x 80.0
10"
x 115.0
Total Water
Total Wastewater
x 1.0
See accompanying auditor's report
40
Brazos County Nfurucipal Utility District No. 1
TH-L Services and Rates
November30, 2024
3. Total Water Consumption during the fiscal year (rounded to the nearest thousand):
Gallons pumped into system: N/A Water Accountability Ratio:
(Gallons billed / Gallons pumped)
Gallons billed to customers: N/A N/A
4. Standby Fees (authorized only under T`VVC Section 49.231):
Does the District have Debt Service standby fees? Yes No
If yes, Date of the most recent commission Order:
Does the District have Operation and Maintenance standby fees? Yes1-1 No
If yes, Date of the most recent commission Order:
5. Location of District:
Is the District located entirely within one county?
County(ies) in which the District is located:
Is the District located within a city?
Yes[ —XI NoEl
Brazos County
Entirely E]Partlp Not at all EX
City(ies) in which the District is located:
Is the District located within a city's extra territorial jurisdiction (ETJ)?
Entirely X Partly Not at all
ETJs in which the District is located: City of College Station
Are Board members appointed by an office outside the district? Yes No
I X]
If Yes, by whom?
See accompanying auditor's report.
41
Brazos County Municipal Utility District No. 1
TH--2. General Fund Expenditures
For the Year Ended November 30, 2024
Professional fees
Legal $ 151,420
Audit 14,500
Engineering 65,872
231,792
Contracted services
Bookkeeping 35,906
Tax assessor 4,500
40,406
Repairs and maintenance 48,825
Administrative
Directors fees 11,539
Printing and office supplies 1,492
Insurance 2,948
Other 6,552
22,531
Other 2,266
Capital outlay 124,551
Total expenditures $ 470,371
See accompanying auditor's report.
42
Brazos County Municipal Utility Distract No. I
TSI-3. Investments
November 30, 2024
Interest
Maturity
Balance at End
Fund
Rate
Date
of Year
General
TexPool
Variable
N/A
$ 490,933
Debt Service
TexPool
Variable
N/A
115,695
TexPool
Variable
N/A
182,130
297,825
Capital Projects
TexPool
Variable
N/A
32,064
Total - All Funds
$ 820,822
See accompanying auditor's report.
43
Brazos County Municipal Utility District No. 1
TSI-4. Taxes Levied and Receivable
November30, 2024
Road
Maintenance
Maintenance
WSD Debt
Road Debt
Taxes
Taxes
Service Taxes
Service Taxes
Totals
Beginning Taxes Receivable
$ 719,654
$ 18,432
$ 436,357
$
55,640
$
1,230,083
Adjustments
(4,819)
(123)
(2,916)
(377)
(8,235)
Adjusted Receivable
714,835
18,309
433,441
55,263
1,221,848
2024 Original Tax Levy
423,378
27,024
414,370
936,836
1,801,608
Adjustments
(7,222)
(461)
(7,068)
(15,979)
(30,730)
2024 Adjusted Tax Levy
416,156
26,563
407,302
920,857
1,770,878
Total to be accounted for
1,130,991
44,872
840,743
976,120
2,992,726
Tax collections:
Current year
32,082
2,048
31,399
70,989
136,518
Prior years
714,549
18,305
433,335
55,187
1,221,376
Total Collections
746,631
20,353
464,734
126,176
1,357,894
Ending Taxes Receivable
$ 384,360
$ 24,519
$ 376,009
$
849,944
$
1,634,832
Taxes Receivable, By Years
2024
$ 384,074
$ 24,515
$ 375,903
$
849,868
$
1,634,360
2023
138
4
84
11
237
2022
148
22
65
235
Ending Taxes Receivable
$ 384,360
$ 24,519
$ 376,009
$
849,944
$
1,634,832
2024
2023
2022
2021
Property Valuations
Land
$ 46,511,148
5 39,029,995
$ 20,779,758
$ 15,672,564
Improvements
135,804,682
91,307,412
43,912,475
19,587,478
Personal Property
184,058
112,464
92,689
51,668
Exemptions
(5,412,080)
(3,888,421)
(1,023,730)
(292,204)
Total Property Valuations
$ 177,087,808
$ 126,561,450
$ 63,761,192
$ 35,019,506
Tax Rates per $100 Valuation:
Maintenance tax rates
$ 0.235
$ 0.585
$ 0.630 $
Road maintenance tax rates
0.015
0.015
Debt service tax rates
0.230
0.355
0.095
Road debt service tax rates
0.520
0.045
0.275
Total Tax Rates per $100 Valuation
$ 1.000
$ 1.000
$ 1.000 $
Adjusted Tax Levy:
$ 1,770,878
$ 1,265,615
$ 637,612 $
Percentage of Taxes Collected
to Taxes Levied **
7.71%
99.98%
99.96%
* Maximum Maintenance Tax Rate Approved
by Voters: 31.00
on November 3. 2015
* Maximum Road Maintenance Tax Rate Approved
by Voters:
$0.25 on
November 3.2015
** Calculated as taxes collected for a tax year divided by taxes levied for that tax year.
See accompanying auditor's report.
44
0.71
0.29
1.00
350,195
100.00%
Brazos County Municipal Utility District No. 1
TH-5. Long -Term Debt Service Requirements
Series 2020 Road --by Years
November 30, 2024
Interest Due
Due During Fiscal
Principal Due
March 1,
Years Ending
September 1
September 1
Total
2025
$ 50,000
$ 51,960
$ 101,960
2026
50,000
50,960
100,960
2027
55,000
49,960
104,960
2028
55,000
48,805
103,805
2029
55,000
47,595
102,595
2030
60,000
46,330
106,330
2031
60,000
44,890
104,890
2032
65,000
43,390
108,390
2033
65,000
41,700
106,700
2034
70,000
39,945
109,945
2035
70,000
37,985
107,985
2036
60,000
36,025
96,025
2037
60,000
34,225
94,225
2038
65,000
32,425
97,425
2039
65,000
30,475
95,475
2040
70,000
28,525
98,525
2041
70,000
26,425
96,425
2042
75,000
24,325
99,325
2043
75,000
22,000
97,000
2044
80,000
19,675
99,675
2045
85,000
17,195
102,195
2046
85,000
14,560
99,560
2047
90,000
11,925
101,925
2048
95,000
9,135
104,135
2049
95,000
6,143
101,143
2050
100,000
3,150
103,150
$ 1,825,000
$ 819,728
$ 2,644,728
See accompanying auditors report.
45
Brazos County Alunicipal UdlityDistrict No. 1
TH-5. Long -Term Debt Service Requirements
Series 2022--by Years
November30, 2024
Due During Fiscal
Principal Due
Years Ending
September 1
2025
$ 45,000
2026
45,000
2027
45,000
2028
50,000
2029
50,000
2030
55,000
2031
55,000
2032
60,000
2033
60,000
2034
65,000
2035
65,000
2036
70,000
2037
70,000
2038
75,000
2039
75,000
2040
80,000
2041
80,000
2042
85,000
2043
90,000
2044
95,000
2045
95,000
2046
100,000
$ 1,510,000
See accompanying auditor's report.
46
Interest Due
March 1,
September 1
$ 40,594 $
E
W
39,694
38,794
37,894
36,894
35,894
34,725
33,488
31,988
30,488
28,700
26,913
24,988
23,063
21,000
18,750
16,350
13,950
11,400
8,700
5,850
3,000
563,117
Total
85,594
84,694
83,794
87,894
86,894
90,894
89,725
93,488
91,988
95,488
93,700
96,913
94,988
98,063
96,000
98,750
96,350
98,950
101,400
103,700
100,850
103,000
2,073,117
Brazos County Municipal UtrlityDistrict No. 1
TSI-5. Long -Term Debt Service Requirements
Series 2023--by Years
November30, 2024
Due During Fiscal
Principal Due
Years Ending
September 1
2025
$ 75,000
2026
80,000
2027
85,000
2028
90,000
2029
95,000
2030
100,000
2031
105,000
2032
110,000
2033
115,000
2034
120,000
2035
125,000
2036
130,000
2037
140,000
2038
145,000
2039
150,000
2040
160,000
2041
165,000
2042
175,000
2043
185,000
2044
195,000
2045
205,000
2046
215,000
2047
225,000
2048
235,000
2049
245,000
2050
260,000
$ 3,930,000
See accompanying auditors report.
47
Interest Due
March 1,
September 1
$ 176,094 $
171,125
165,825
160,194
154,231
150,313
146,188
141,856
137,319
132,575
127,625
122,469
117,106
111,331
105,350
99,163
92,363
85,350
77,913
70,050
61,518
52,550
43,143
33,300
22,724
11,700
2,769,375
Total
251,094
251,125
250,825
250,194
249,231
250,313
251,188
251,856
252,319
252,575
252,625
252,469
257,106
256,331
255,350
259,163
257,363
260,350
262,913
265,050
266,518
267,550
268,143
268,300
267,724
271,700
6,699,375
Brazos County Municipal Utility District No. 1
TH-5. Long -Term Debt Service Requirements
Series 2024 Road --by Years
November30, 2024
Interest Due
Due During Fiscal
Principal Due
March 1,
Years Ending
September 1
September 1
Total
2025
$ 165,000
$ 383,013
$ 548,013
2026
175,000
372,288
547,288
2027
180,000
360,913
540,913
2028
190,000
349,212
539,212
2029
200,000
336,863
536,863
2030
210,000
323,863
533,863
2031
225,000
310,212
535,212
2032
235,000
301,212
536,212
2033
250,000
291,812
541,812
2034
260,000
281,812
541,812
2035
275,000
271,412
546,412
2036
290,000
260,412
550,412
2037
305,000
248,812
553,812
2038
320,000
236,613
556,613
2039
335,000
223,813
558,813
2040
355,000
210,412
565,412
2041
375,000
196,212
571,212
2042
390,000
181,213
571,213
2043
415,000
165,613
580,613
2044
435,000
148,494
583,494
2045
460,000
130,550
590,550
2046
480,000
111,575
591,575
2047
505,000
91,775
596,775
2048
535,000
70,944
605,944
2049
560,000
48,875
608,875
2050
590,000
25,075
615,075
$ 8,715,000
$ 5,933,000
$ 14,648,000
See accompanying auditor's report.
48
Brazos County Alunicipal Utility District No. 1
TSI-5. Long -Term Debt Service Requirements
All Bonded Debt Series --by Years
November 30, 2024
Interest Due
Due During Fiscal
Principal Due
March 1,
Years Ending
September 1
September 1
Total
2025
$ 335,000
$ 651,661
$ 986,661
2026
350,000
634,067
984,067
2027
365,000
615,492
980,492
2028
385,000
596,105
981,105
2029
400,000
575,583
975,583
2030
425,000
556,400
981,400
2031
445,000
536,015
981,015
2032
470,000
519,946
989,946
2033
490,000
502,819
992,819
2034
515,000
484,820
999,820
2035
535,000
465,722
1,000,722
2036
550,000
445,819
995,819
2037
575,000
425,131
1,000,131
2038
605,000
403,432
1,008,432
2039
625,000
380,638
1,005,638
2040
665,000
356,850
1,021,850
2041
690,000
331,350
1,021,350
2042
725,000
304,838
1,029,838
2043
765,000
276,926
1,041,926
2044
805,000
246,919
1,051,919
2045
845,000
215,113
1,060,113
2046
880,000
181,685
1,061,685
2047
820,000
146,843
966,843
2048
865,000
113,379
978,379
2049
900,000
77,742
977,742
2050
950,000
39,925
989,925
$ 15,980,000
$ 10,085,220
$ 26,065,220
See accompanying auditors report.
49
Brazos County Municipal Utility District No. 1
TSI-6. Cbange in Long -Term Bonded Debt
November30, 2024
Interest rate
Dates interest payable
Maturity dates
Beginning bonds outstanding
Bonds issued
Bonds retired
Ending bonds outstanding
Interest paid during fiscal year
Paying agent's name and city
All Series
Bond Issue
Series 2020
Series 2024
Road
Series 2022
Series 2023
Road
1.50% - 3.15%
2.00% - 3.00%
4.125% - 6.625%
4.00% - 6.50%
3/1; 9/1
3/1; 9/1
3/1; 9/1
3/1; 9/1
9/1/21-9/1/50
9/1/23-9/1/46
9/1/24-9/1/50
9/1/25 - 9/l/50
$ 1,870,000
$ 1,550,000
$ 4,005,000
$ -
8,715,000
(45,000) (40,000) (75,000)
$ 1,825,000 $ 1,510,000 $ 3,930,000 $ 8,715,000
S 52,804 $ 41,394 $ 181,063 $ 223,424
Bank of New York Mellon Trust Company, N.A., Dallas, Texas
Water, Sewer and
Bond Authority: Drainage Bonds Road Bonds
Amount Authorized by Voters $ 235,600,000 $ 104,060,000
Amount Issued (5,595,000) (10,715,000)
Remaining To Be Issued $ 230,005,000 $ 93,345,000
All bonds are secured with tax revenues. Bonds may also be secured with other revenues in combination
with taxes.
Debt Service Fund cash and investments balance as of November 30, 2024: $ 436,733
Average annual debt service payment (principal and interest) for remaining term of all debt: $ 1,002,508
See accompanying auditor's report.
Gill
Totals
$ 7,425,000
8,715,000
(160,000)
$ 15,980,000
$ 498,685
51
Brazos County Municipal Utility District No. 1
TSI-7a. Comparative Schedule ofRevenues and Expenditures - General Fund
For the Last Five Fiscal Years
Amounts
2024
2023
2022
2021
2020
Revenues
Property taxes
$ 759,850
$ 400,930
$ 248,370
$ 132,055
$ 86,325
Penalties and interest
90
Miscellaneous
5,508
Investment earnings
31,587
11,079
726
19
75
Total Revenues
791,437
417,517
249,096
132,074
86,490
Expenditures
Operating and administrative
Professional fees
231,792
193,658
134,992
191,448
87,332
Contracted services
40,406
47,236
36,094
14,660
34,059
Repairs and maintenance
48,825
18,359
5,240
Administrative
22,531
11,847
8,535
9,943
50,045
Other
2,266
5,500
12,577
1,117
625
Capital outlay
124,551
54,650
Total Expenditures
470,371
331,250
192,198
222,408
172,061
Revenues Over (Under) Expenditures
$ 321,066
$ 86,267
$ 56,898
$ (90,334)
$ (85,571)
*Percentage is negligible
See accompanying auditor's report.
52
Percent of Fund Total Revenues
2024 2023 2022 2021 2020
96% 96% 100% 100% 100%
1%
4% 3%
100% 100% 100% 100% 100%
29%
46%
54%
145%
101%
5%
11%
14%
11%
39%
6%
4%
4%
3%
3%
3%
8%
58%
*
1%
5%
1%
1%
16%
13%
59%
78%
76%
169%
199%
41%
22%
24%
(69%)
(99%)
53
Brazos County Municipal Utility District No. I
TSI-7b. Comparative Schedule ofRevenues and Expenditures -Debt Service Fund
For the Last Five Fiscal Years
Amounts
2024
2023
2022
2021 2020
Revenues
Property taxes
$ 521,249
$ 235,894
$ 101,557
$ 70,989 $ -
Penalties and interest
7,301
3,659
872
4,089
Miscellaneous
10,867
2,225
327
Investment earnings
29,522
15,286
1,955
80 12
Total Revenues
568,939
257,064
104,711
75,158 12
Expenditures
Tax collection services
56,922
19,668
13,547
16,405 12
Other
7,032
7,161
6,713
Debt service
Principal
160,000
85,000
45,000
40,000
Interest and fees
476,342
182,293
77,997
51,414
Total Expenditures
700,296
294,122
143,257
107,819 12
Revenues Over (Under) Expenditures
$ (131,357)
$ (37,058)
$ (38,546)
$ (32,661) $ -
*Percentage is negligible
See accompanying auditor's report.
54
Percent of Fund Total Revenues
2024
2023
2022
2021
2020
92%
92%
97%
95%
1%
1%
1%
5%
2%
1%
5%
6%
2%
*
100%
100%
100%
100%
100%
100%
10%
8%
13%
22%
100%
1%
3%
6%
28%
33%
43%
53%
84%
71%
74%
68%
123%
115%
136%
143%
100%
(230/.)
(15%)
(360/.)
(43%)
0%
55
Brazos County Municipal Utility District No. 1
T5I-8. Board Members, Key Personnel and Consultants
For the Year Ended November 30, 2024
Complete District Mailing Address: 3200 Southwest Freeway, Suite 2600 Houston, TX 77027
District Business Telephone Number: (713) 860-6400
Submission Date of the most recent District Registration Form
g WC Sections 36.054 and 49.054): .duly 19, 2022
Limit on Fees of Office that a Director may receive during a fiscal year: $
(Set by Board Resolution -- TWC Section 49.060)
7,200
Term of Office
(Elected or
Fees of
Expense
Appointed) or
Office Paid
Reimburse -
Names:
Date Hired
*
ments
Title at Year End
Board Members
Robert Goodwill
05/24 - 05/28
$ 1,326
$ 57
President
Charles Moreau
05/22 - 05/26
2,431
74
Vice President
Lawrence Hodges
05/24 - 05/28
1,768
Secretary
Brian Fisher
05/22 - 05/26
1,547
Assistant Vice
President
Kyle Davis
05/24 - 05/28
2,210
134
Assistant Secretary
Amounts
Consultants
Paid
Allen Boone Humphries Robinson LLP
2015
Attorney
General legal fees
$ 122,888
Bond counsel
223,228
Municipal Accounts & Consulting, L.P.
2022
45,828
Bookkeeper
B&A Municipal Tax Service, LLC
2015
12,147
Tax Collector
Brazos Central Appraisal District
Legislation
13,508
Property Valuation
Perdue, Brandon, Fielder, Collins
2017
5,261
Delinquent Tax
& Mott, LLP
Attorney
Pape -Dawson Engineers, Inc.
2021
114,363
Engineer
McGrath & Co., PLLC
2015
24,250
Auditor
Post Oak Municipal Advisors LLC
2018
152,790
Financial Advisor
* Fees of 01ee are the amounts actually paid
to a director during the District's
fiscal year.
See accompanying auditor's report.
56