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01/21/2026 - Workshop Agenda Packet - BVSWMA
BVSWMA, Inc., Board of Directors Meeting Wednesday, January 21, 2026 — 11:00 a.m. Casa do Brasil 1665 Green Prairie Road, College Station, Texas Agenda 1. Call to Order 2. Hear Visitors: Constituents may address the Board on any item that does not appear on the posted Agenda. Please limit remarks to three minutes. The Board will receive the information, ask staff to look into the matter, or place the issue on a future agenda. Topics of operational concern shall be directed to the Executive Director. Comments should not personally attack other speakers, Board or staff. 3. CONSENT AGENDA The Consent Agenda consists of routine Corporation business approved in a single motion and by majority vote of the Board without separate discussion on any item. Items may be removed from the consent agenda for separate consideration at the request of any Board Member. a. Discussion, consideration, and possible action regarding the Minutes of the November 19, 2025, Meeting of the Brazos Valley Solid Waste Management Agency, Inc. Board of Directors. 4. REGULAR AGENDA This portion of the agenda consists of items requiring individual consideration by the Board. a. Discussion, consideration, and possible action relating to the BVSWMA, Inc. audit for the fiscal year ending September 30, 2025. b. BVSWMA, Inc. Financial Report c. Receive and discuss staff and Executive Director's report. d. Discussion, consideration and possible action relating to a status update of Twin Oaks Renewables. e. Discussion, consideration and possible action relating to a status update of the Twin Oaks Law Enforcement Training Facility. f. Discussion, consideration, and possible action regarding future agenda items. 1 5. Executive Session a. Section 551.074, Texas Government Code, Personnel deliberation regarding duties of the Executive Director. 6. Discuss, consider, and possible action regarding matters discussed pursuant to Agenda Item 5. 7. Workshop session Conduct a Board workshop in accordance with section 6.01 of the Operations Agreement, to include, but not limited to, discussion of the following: a. Discussion and review of BVSWMA performance, including (i) environmental compliance, (ii) financial performance, (iii) capital reserves, (iv) landfill rates, (v) site density, and (vi) customer satisfaction; b. Discussion and consideration of long-term development issues concerning BVSWMA, including but not limited to such items as landfill expansions and/or changes in BVSWMA's scope of services; c. Discussion of other considerations or concerns of the Board; and d. Review of the Executive Director, including but not limited to a review of the Executive Director's past job performance and current goals and expectations of the Executive Director. 8. Future Meeting Dates: - Wednesday, April 15, 2026 - Wednesday, June 17, 2026 9. Adjourn. The Board reserves the right to go into executive session to seek legal advice regarding any agenda item at any time during the meeting pursuant to the Texas Government Code, Section 551.071. 2 Agenda Item 3. a. BVSWMA, Inc. Board Minutes Consent Agenda 3.a. Approval of Minutes To: BVSWMA, Inc. Board of Directors From: Bryan Griesbach, BVSWMA, Inc. Executive Director Agenda Caption: a. Discussion, consideration, and possible action regarding the Minutes of the November 19, 2025, Meeting of the Brazos Valley Solid Waste Management Agency, Inc. Board of Directors. Recommendation(s): Staff recommends approval of minutes. Summary: A BVSWMA, INC. Board Meeting was held on November 19, 2025. The meeting minutes summarizes this meeting. Attachments: - November 19, 2025 Board Minutes BVSWMA, Inc., Board of Directors Meeting Wednesday, November 19, 2025 — 11:00 a.m. College Station Municipal Court Building 300 Krenek Tap Road, College Station, Texas Agenda The Board of Directors of the Brazos Valley Solid Waste Management Agency, Inc. (BVSWMA, Inc.) met on Wednesday, November 19, 2025 at the College Station Municipal Court Building, 300 Krenek Tap Road, College Station, Texas. Board Members Bill Lartigue, Jason Bienski, John Nichols, Mark Smith, & James Edge were in attendance. Also present were Bryan Griesbach, Samantha Best, Juan Espinoza, Bryan Hanna, A.J. Taylor, Abigail Metsch, Eric Zaragoza, Emily Fisher, John Haislet, Pete Caler, Glenn Brewer & Phil Shackelford. 1. Call to Order Board Vice Chairman Mark Smith called the meeting to order at 11:06 a.m. 2. Hear Visitors: Constituents may address the Board on any item that does not appear on the posted Agenda. Please limit remarks to three minutes. The Board will receive the information, ask staff to look into the matter, or place the issue on a future agenda. Topics of operational concern shall be directed to the Executive Director. Comments should not personally attack other speakers, Board or staff. No visitors present. 3. CONSENT AGENDA The Consent Agenda consists of routine Corporation business approved in a single motion and by majority vote of the Board without separate discussion on any item. Items may be removed from the consent agenda for separate consideration at the request of any Board Member. a. Discussion, consideration, and possible action regarding the Minutes of the June 18, 2025, Meeting of the Brazos Valley Solid Waste Management Agency, Inc. Board of Directors. Board Member John Nichols moved to approve, seconded by Board Member Bill Lartigue. Motion carried unanimously. 4. REGULAR AGENDA This portion of the agenda consists of items requiring individual 1 consideration by the Board. a. BVSWMA, Inc. Financial Report A.J. Taylor from Thompson, Derrig & Craig presented the financials ending September 30, 2025, with highlights on the following: • Total cash position of $24MM, with approximately $9.6MM being Board Designated Funds • Current assets of $16.34MM, current liabilities of $1.65MM • 12 month ending revenue of $16.3MM @ 122% of budget • 12 month ending expenditures of $9.8MM @ 100% of budget • 12 month ending investment income of $887,102 • 12 month ending gas royalties of $3.1MM Board Member Jason Bienski moved to accept the report, seconded by Board Member James Edge. Motion carried unanimously. b. Receive and discuss staff and Executive Director's report on landfill and compost facility operations. Executive Director Bryan Griesbach presented the Board with his Executive Director's report, with highlights on the following: • Financials have been strong during the year • A few minor employee injuries • Fall HHW event was successful with approximately 1,900 vehicles going through the event • Business as usual c. Discussion, consideration and possible action relating to the BVSWMA, Inc. Investment Policy. Executive Director Bryan Griesbach presented the investment policy, and noted the policy is updated and approved annually. The policy has been reviewed by legal counsel, and no changes were required this year. Board Member John Nichols moved to approve, seconded by Board Member Bill Lartigue. Motion carried unanimously. d. Discussion, consideration and possible action relating to potentially participating in the funding of a new Bryan/College Station Chamber Business Development Center. Executive Director Bryan Griesbach presented the item to the Board for discussion. Glenn Brewer made a presentation to the Board on the 2 Chamber's next step for building their Bryan/College Station Chamber Business Development Center. Mr. Brewer wanted to open the dialogue for possible funding participation from BVSWMA. The Board received the presentation and will take the idea back to each city for further discussion. After the presentation and discussion, the Board took no further action. e. Discussion, consideration and possible action relating to the election of BVSWMA, Inc. officers including the Chairman, Vice Chairman and Secretary/Treasurer. Board Member John Nichols made a motion to elect the following: o Chairman — Mark Smith o Vice -Chairman — James Edge o Treasurer — Mike Holmgreen seconded by Board Member Jason Bienski. Motion carried unanimously. f. Discussion, consideration, and possible action regarding future agenda items. No items presented 5. Executive Session a. Section 551.074, Texas Government Code, Personnel deliberation regarding duties of the Executive Director. No Executive Session taken 6. Discuss, consider, and possible action regarding matters discussed pursuant to Agenda Item 5. No Executive Session taken 7. Future Meeting Dates: - Wednesday, January 21, 2026 - Wednesday, April 15, 2026 8. Adjourn. Meeting adjourned at 11:47 a.m. 3 The Board reserves the right to go into executive session to seek legal advice regarding any agenda item at any time during the meeting pursuant to the Texas Government Code, Section 551.071. Mark Smith, Board Chairman 4 Agenda Item 4. a. BVSWMA Inc. Audit Regular Agenda 4.a. BVSWMA, Inc. Audit To: BVSWMA, Inc. Board of Directors From: Bryan Griesbach, BVSWMA, Inc. Executive Director Agenda Caption: Discussion, consideration and possible action relating to the BVSWMA, Inc. audit for the fiscal year ending September 30, 2025. Recommendation(s): Staff recommends Board receive and discuss the BVSWMA, Inc. audit, presented by Whitley Penn Summary: Annual audit for BVSWMA, Inc. for the fiscal year ending September 30, 2025. Attachments: - BVSWMA, Inc. Audit for the fiscal year ending September 30, 2025 BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. FINANCIAL STATEMENTS For the Years Ended September 30, 2025 and 2024 TwinOak s Landfill & \I: Compost BVSWMA, INc. BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. TABLE OF CONTENTS Page Independent Auditor's Report 1 Management's Discussion and Analysis 3 Financial Statements: Statements of Net Position 7 Statements of Activities 8 Statements of Cash Flows 9 Notes to Financial Statements 10 BVSWMA, Inc. 2025 FS 1. whitleypenn INDEPENDENT AUDITOR'S REPORT To the Board of Directors of Brazos Valley Solid Waste Management Agency, Inc. Report on the Financial Statements Opinions Houston Office 3737 Buffalo Speedway Suite 1600 Houston, Texas 77098 713.621.1515 Main whitleypenn.com We have audited the accompanying financial statements of the business -type activities of Brazos Valley Solid Waste Management Agency, Inc. ("BVSWMA, Inc."), which comprise the statements of net position as of September 30, 2025 and 2024, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BVSWMA, Inc. as of September 30, 2025 and 2024, and the changes in its net positions and its cash flows for the years 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 (GAAS). 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 BVSWMA, Inc., 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 opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"); this includes 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 BVSWMA, Inc.'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. � WE ARE AN INDEPENDENT MEMBER OF HLB THE GLOBAL ADVISORY AND ACCOUNTING NETWORK 1 BVSWMA, Inc. 2025 FS To the Board of Directors of Brazos Valley Solid Waste Management Agency, Inc. 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 GAAS 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 GAAS, 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 BVSWMA, Inc.'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 BVSWMA, Inc.'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 on pages 3 through 5 be presented to supplement the basic financial statements. Such information, 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 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. IIf4IG7 4L� Houston, Texas December 17, 2025 2 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS Management's discussion and analysis provides a narrative overview of the financial activities and changes in the financial position of the Brazos Valley Solid Waste Management Agency, Inc. (BVSWMA, Inc.) for the fiscal years ended September 30, 2025 and 2024. The reader should use the information presented here in connection with the Basic Financial Statements and Notes to the Financial Statements. BVSWMA, Inc. is a non-profit local government corporation formed by the Cities of Bryan and College Station to manage landfill and compost services for the Cities of Bryan and College Station, the agreement between the two cities was finalized on September 13, 2010 through an interlocal cooperation agreement. Overview of the Financial Statements BVSWMA, Inc.'s basic financial statements consist of fund financial statements and notes to the financial statements. The fund financial statements, which are comprised of the Statements of Net Position, the Statements of Activities, and the Statements of Cash Flows, include all assets, liabilities and deferred inflows of resources using the full accrual basis of accounting. All of the current year's revenues and expenses are recorded regardless of when cash is received or paid. The notes to the financial statements provide additional information that is necessary to acquire a full understanding of the data provided in the financial statements. Financial Analysis The assets of BVSWMA, Inc. exceeded liabilities and deferred inflows of resources at September 30, 2025 by $56,551,812. Of this amount $36,488,348 was invested in capital assets and unrestricted net position totaled $20,063,464. During the year ended September 30, 2025, the net position of BVSWMA, Inc. increased by $3,642,450. Landfill charges during the year ended September 30, 2025 increased by $237,163 or 2% compared to the previous year primarily due to higher waste volumes in the current year. Operating expenses during the year September 30, 2025 increased by 4% compared to the previous year, primarily due to higher expenses recorded for community support expenses, payroll and related expenses, depreciation and amortization, and other operating expenses. The assets of BVSWMA, Inc. exceeded liabilities and deferred inflows at September 30, 2024 by $52,909,362. Of this amount $36,065,396 was invested in capital assets and unrestricted net position totaled $16,843,966. During the year ended September 30, 2024, the net position of BVSWMA, Inc. increased by $4,207,361. Landfill charges during the year ended September 30, 2024 increased by $299,705 or 2% compared to the previous year primarily due to higher waste volumes in the current year. Operating expenses during the year September 30, 2024 increased by 8% compared to the previous year, primarily due to higher expenses recorded for accrued pipeline relocation costs, payroll and related expenses, depreciation and amortization, and other operating expenses. 3 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Current assets and other assets Capital assets Total Assets Current liabilities Noncurrent liabilities (2024 restated) Total Liabilities Deferred gain on refunding Total Deferred Inflows of Resources Net investment in capital assets Unrestricted (2024 restated) Total Net Position Revenues Landfill charges Compost facility revenue Miscellaneous revenue Total Revenues BVSWMA, Inc.'s Net Position $ $ $ 2025 29,231,465 39,030,178 68, 261, 643 2024 $ 26,306,603 39,235,770 $ 65,542,373 2023 $ 21,785,000 38,590,988 $ 60,375,988 1,656,784 $ 2,202,135 $ 1,107,524 9,992, 630 10, 336, 915 10,122,790 11, 649,414 12, 539, 050 11, 230, 314 60,417 60,417 93,961 134,103 93,961 134,103 36,488,348 36,065,396 34,810,472 20, 063,464 16, 843, 966 14, 201, 099 $ 56,551,812 $ 52,909,362 $ 49,011,571 BVSWMA. Inc.'s Changes in Net Position Operating expenses Interest expense Other non -operating revenues (expenses) Changes in net position Net Position - Beginning (2024 Restated) Net Position - End of Year Capital Asset Activity $ 2025 13,022,694 153,441 32,130 13,208,265 (13,683,893) (76,229) 4,194, 307 3,642,450 52,909,362 $ 56,551,812 $ 2024 2023 12,785,531 244,862 41,827 13,072,220 (13,116,271) (93,082) 4,344,494 4,207,361 48,702,001 $ 52,909,362 $ 12,485,826 268,925 55,998 12,810,749 (12,125,469) (108, 634) 1,984,185 2,560,831 46,450,740 $ 49,011,571 During the year ended September 30, 2025, BVSWMA, Inc. invested $1,019,287 in professional services for the construction of Cell 3A-2 and 3B-2. BVSWMA, Inc. also invested $183,142 in landfill improvements. In addition, BVSWMA, Inc. invested $2,047,064 in machinery and equipment that included two dozers, a forklift, and trucks. During the year ended September 30, 2024, BVSWMA, Inc. invested $456,734 in professional services for the construction of Cell 3A-2 and 3B. BVSWMA, Inc. also invested $68,844 in landfill improvements. In addition, BVSWMA, Inc. invested $3,362,771 in machinery and equipment that included two compactors, a dozer, and trucks. Additional information on BVSWMA, Inc.'s capital assets can be found in Note 4. 4 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Debt Activity BVSWMA, Inc. continues to fund the required debt service to the Cities of Bryan and College Station for Certificates of Obligation agreed to as part of the Asset Transfer and Debt Agreement. As of September 30, 2025 and 2024, BVSWMA, Inc. owed the City of Bryan $1,251,413 and $1,571,413, respectively, and the City of College Station $1,230,000 and $1,505,000, respectively, under this agreement. BVSWMA, Inc. has also accrued closure and post -closure maintenance costs of $8,136,217 and $7,545,932 as of September 30, 2025 and 2024, respectively. Additional information on BVSWMA, Inc.'s long-term debt can be found in Note 6 and Closure and Post -Closure Liabilities in Note 7. Economic Factors and Next Year's Budget and Rates On June 18, 2025, the Board approved the budget for the fiscal year 2026 which includes $13,454,000 in operating revenue, $10,259,829 in operating expenses, and $432,315 in net non -operating revenue and expenses. Also included in the budget is $4,643,000 in capital asset purchases. The BVSWMA, Inc. budget will continue to be updated on an annual basis with consideration given to anticipated waste volumes, short & long-term capital needs, operational expenses and competitive market factors. Request for Information This financial report is designed to provide a general overview of BVSWMA, Inc.'s finances and to demonstrate BVSWMA, Inc.'s accountability for the money it receives. If you have any questions about this report or need additional financial information, contact: Bryan Griesbach, Executive Director Brazos Valley Solid Waste Management Agency, Inc. 2690 State Highway 30, Anderson, TX 77830 5 BVSWMA, Inc. 2025 FS FINANCIAL STATEMENTS 6 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. STATEMENTS OF NET POSITION September 30, 2025 and 2024 2025 2024, as Restated Assets Current Assets: Cash and cash equivalents $ 24,085,310 $ 21,035,047 Investments 1,018 1,125 Accounts receivable, customers for landfill services (less allowance for doubtful accounts of $65,884 in 2025 and $65,158 in 2024) 1,684,270 1,463,256 Accounts receivable, gas royalty 201,322 573,298 Accounts receivable, related parties 618 123,111 Prepaid expenses and other assets 10,898 9,559 Total Current Assets 25,983,436 23,205,396 Noncurrent Assets: Landfill permits (net of amortization of $686,696 in 2025 and $621,933 in 2024) 3,248,029 3,101,207 Capital Assets: Buildings 5,845,109 5,845,109 Landfill improvements 27,466,499 25,807,336 Machinery and equipment 20,143,400 19,249,256 53,455,008 50,901,701 Accumulated Depreciation (23,057,437) (20,755,272) Net depreciable capital assets 30,397,571 30,146,429 Land 8,632,607 8,632,607 Construction in progress - 456,734 Capital Assets, Net 39,030,178 39,235,770 Total Noncurrent Assets 42,278,207 42,336,977 Total Assets $ 68,261,643 $ 65,542,373 Liabilities Current Liabilities: Accounts payable $ 509,059 $ 1,408,426 Accrued payroll expenses 73,990 59,506 Accrued interest payable 11,703 14,992 Current portion of compensated absences 437,032 433,781 Current portion of long-term debt 625,000 595,000 Total Current Liabilities 1,656,784 2,511,705 Noncurrent Liabilities: Estimated closure and post -closure care liability 8,136,217 7,545,932 Long-term debt, net of current maturities 1,856,413 2,481,413 Total Noncurrent Liabilities 9,992,630 10,027,345 Total Liabilities $ 11,649,414 $ 12,539,050 Deferred Inflows of Resources Deferred gain on refunding $ 60,417 $ 93,961 Total Deferred Inflows of Resources $ 60,417 $ 93,961 Net Position: Net investment in capital assets $ 36,488,348 $ 36,065,396 Unrestricted 20,063,464 16,843,966 Total Net Position $ 56,551,812 $ 52,909,362 See notes to financial statements 7 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. STATEMENTS OF ACTIVITIES For the Years Ended September 30, 2025 and 2024 2025 2024 Operating Revenues: Landfill charges $ 13,022,694 $ 12,785,531 Compost facility revenue 153,441 244,862 Miscellaneous revenue 32,130 41,827 Total Operating Revenues 13,208,265 13,072,220 Operating Expenses: Closure and post -closure care costs 727,468 640,191 Accrued pipeline relocation costs - 577,170 Contract services 245,382 213,351 Payroll and related expenses 4,600,200 4,207,242 Professional services 515,718 452,281 Community support expense 747,705 589,342 Insurance 132,804 120,083 Reimbursed administrative costs 174,258 148,000 Grounds maintenance 322,739 413,357 Equipment maintenance 1,559,252 1,475,121 Host fee expense 377,095 344,646 Rental expense 43,116 48,923 Depreciation and amortization 3,519,847 3,298,292 Other operating expenses 718,309 588,272 Total Operating Expenses 13,683,893 13,116,271 Operating Income (475,628) (44,051) Non -operating Revenues (Expenses): Gains (losses) on investments 887,103 950,159 Royalty and lease income 3,104,568 2,888,170 Gain on sale of capital assets 202,636 506,165 Interest expense (76,229) (93,082) Total Non -operating Revenues (Expenses) 4,118,078 4,251,412 Change in net position 3,642,450 4,207,361 Net Position - Beginning of Year, as Previously Presented 52,909,362 49,011,571 Restatement (see Note 14) - (309,570) Net Position - Beginning of Year, as Restated 52,909,362 48,702,001 Net Position - End of Year $ 56,551,812 $ 52,909,362 See notes to financial statements 8 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. STATEMENTS OF CASH FLOWS For the Years Ended September 30, 2025 and 2024 Cash Flows from Operating Activities Cash received from customers Cash payments to suppliers for goods and services Cash payments to employees for services Payment for closure and post -closure costs Net Cash Provided by Operating Activities Cash Flows from Capital and Related Financing Activities Purchase of capital assets Sale of capital assets Principal payments on certificates of obligation Interest paid on certificates of obligation Net Cash (Used) by Capital and Related Financing Activities Cash Flows from Investing Activities Maturity of investments Investment income Royalty income Net Cash Provided (Used) by Investing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year Reconciliation of Net Operating Income to Net Cash Provided by Operating Activities: Operating income Adjustments: Depreciation expense and amortization Changes in assets and liabilities: (Increase) decrease in receivables (net) (Increase) decrease in prepaid expenses (Increase) decrease in landfill permits Increase (decrease) in accounts payable Increase (decrease) in accrued payroll Increase (decrease) in compensated absences payable Increase (decrease) in estimated closure and post -closure care liability Net Cash Provided by Operating Activities 2025 $ 12,898,159 $ (5,737,084) (4,582,465) (137,183) 2,441,427 (3,249,492) 202,636 (595,000) (113,062) (3,754,918) 887,210 3,476,544 4,363,754 3,050,263 21,035,047 $ 24,085,310 2025 $ 2024 12, 307, 841 (3,898,853) (4,211,781) (140,636) 4,056,571 (3,884,027) 506,165 (570,000) (136,051) (4,083,913) 10,479,247 896,255 2,646,912 14,022,414 13,995,072 7,039,975 21,035,047 2024 $ (475,628) $ (44,051) 3,519,847 3,298,292 $ (98,521) (221,171) (1,339) (5,284) (211,585) (543,208) (899,367) 1,076,977 14,484 9,756 3,251 (14,295) 590,285 499,555 2,441,427 $ 4,056,571 See notes to financial statements 9 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 1- Summary of Significant Accounting Policies Reporting Entity Brazos Valley Solid Waste Management Agency, Inc. ("BVSWMA, Inc.") is a Texas non-profit local government corporation pursuant to Chapter 431 of the Texas Transportation Code and Chapter 394 of the Texas Local Government Code. In January 2010, the Cities of Bryan and College Station approved an interlocal cooperation agreement (ILA) creating BVSWMA, Inc., a local government corporation, located in Anderson, Texas. BVSWMA, Inc. is governed by a seven -member board of directors, with the City Councils of both the Cities of Bryan and College Station appointing three members each. The seventh member is selected by the six members appointed by the two City Councils. BVSWMA, Inc. operates one landfill and maintains one closed landfill. The Rock Prairie Road site was closed during the fiscal year 2011 as it was determined that it reached is operating capacity, and the Twin Oaks Landfill site opened during the fiscal year 2011. The Rock Prairie Landfill site and the Twin Oaks Landfill site were transferred to BVSWMA, Inc. from the City of College Station and the Cities of Bryan and College Station, respectively. The Pleasant Hill compost facility utilized by the City of Bryan was also transferred to BVSWMA, Inc. under the ILA. Measurement Focus and Basis of Presentation The financial statements of the BVSWMA, Inc. have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Accordingly, revenues are recognized when earned and expenses are recorded when incurred. BVSWMA, Inc. follows all applicable GASB pronouncements. BVSWMA, Inc. distinguishes operating revenues and expenses from non -operating items. Operating revenues and expenses include activities related to providing services in connection with BVSWMA, Inc.'s principal ongoing operations. The principal operating revenues are landfill and compost charges from customers. Operating expenses include the cost of services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non -operating revenues and expenses. Reclassifications Certain amounts related to the prior year financial statements have been reclassified for comparative purposes to conform with presentation in the current year financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results may differ from those estimates and assumptions. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, amounts in demand deposit accounts and money market accounts. Investments Investments consist of U.S Government Agency Securities and money market mutual funds. 10 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 1- Summary of Significant Accounting Policies (continued) Fair Value of Financial Instruments GAAP requires disclosure of an estimate of fair value of certain financial instruments. BVSWMA Inc.'s significant financial instruments are cash, cash equivalents, U.S Government Agency Securities, money market mutual funds and other short- term assets and liabilities. For these financial instruments, carrying value approximates fair value. Accounts Receivable BVSWMA, Inc.'s receivables comprise of outstanding payments from customers for landfill services, gas royalties, and related parties. All accounts are outstanding for less than 120 days. Allowance for doubtful accounts is estimated at 0.5 percent of gross sales. Risk Management BVSWMA, Inc. is exposed to various risks of loss from torts: theft of, damage to, and destruction of assets; business interruption; errors and omissions; employee injuries and illnesses; natural disasters; and employee health, dental, and accident benefits. Commercial insurance coverage is purchased for claims arising from such matters. Settled claims have not exceeded this commercial coverage in any of the three preceding years. Landfill Permits Landfill permits are recorded at cost and amortized using the units of capacity method. Capital Assets Capital assets are recorded at cost. Donated property and equipment are recorded at its acquisition cost at the date of the donation. Capital assets are defined as assets with an individual cost of more than $2,500. Depreciation is provided over the estimated useful life of each class of depreciable asset and is computed using the straight-line method. Landfill improvements are depreciated over estimated useful lives of 15 to 40 years or depreciated based on capacity. The range of estimated useful lives for other capital assets is as follows: Buildings 40-50 years Machinery and equipment 5-15 years Such amortization is included in depreciation in the financial statements. Deferred Inflows A deferred inflow of resources is an acquisition of an entity's net assets (an increase in assets in excess of any related increase in liabilities or a decrease in liabilities in excess of any related decrease in assets) by the entity that is applicable to a future reporting period. BVSWMA, Inc. has one item that qualifies for reporting in this category: Deferred inflows of resources for refunding - This deferred gain on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. 11 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 1- Summary of Significant Accounting Policies (continued) Compensated Absences A liability is recognized for compensated absences for leave time that (1) has been earned for services previously rendered by employees, (2) accumulates and is allowed to be carried over to subsequent years, and (3) is more likely than not to be used as time off or settled during or upon separation from employment. Based on the criteria listed, the following types of leave qualify for liability recognition for compensated absences — vacation and sick leave. The liability for compensated absences is reported as incurred in the financial statements. The liability for compensated absences includes salary -related benefits, where applicable. Vacation BVSWMA, Inc.'s policy permits employees to accumulate earned but unused vacation benefits, which are eligible for payment upon separation from service. Sick Leave BVSWMA, Inc.'s policy effective during the current fiscal year permits employees to accumulate earned but unused sick leave. All sick leave lapses when employees leave the employ of BVSWMA, Inc. and, upon separation from service, no monetary obligation exists. However, a liability for estimated value of sick leave that will be used by employees as time off is included in the liability for compensated absences. Leases and Subscription -Based Information Technology Agreements (SBITA) BVSWMA, Inc. recognizes intangible right -to -use capital assets and long-term liabilities for leases and subscriptions -based information technology agreements with non -cancellable terms greater than one year with a value of greater than $5,000. As of September 30, 2025 and September 30, 2024, BVSWMA, Inc. has no active lease or SBITA agreements. Risk Disclosures — Concentrations and Constraints In accordance with GASB Statement No. 102, Certain Risk Disclosures, BVSWMA, Inc. evaluates whether it has vulnerabilities due to concentrations or constraints that could make it susceptible to a substantial impact. A concentration is defined as a lack of diversity related to an aspect of a significant inflow or outflow of resources, such as reliance on a single revenue source or vendor. A constraint is a limitation imposed by an external party or by formal action of the government's highest level of decision -making authority, such as statutory spending caps or debt limits. BVSWMA, Inc. assesses whether the concentration or constraint is known prior to issuance of the financial statements, whether it makes BVSWMA, Inc. vulnerable to a substantial impact, and whether an event associated with the concentration or constraint has occurred, begun to occur, or is more likely than not to occur within 12 months of the issuance date. If all three criteria are met, BVSWMA, Inc. discloses in the notes the nature of the concentration or constraint, the event or events that could cause a substantial impact, and the actions taken to mitigate the risk prior to issuance. If mitigating actions eliminate these conditions before issuance, disclosure is not required. BVSWMA, Inc. had no concentrations or constraints meeting the requirements for disclosure. 12 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Implementation of New Accounting Standards The following GASB pronouncements were effective during fiscal year 2025: GASB issued Statement No. 101, Compensated Absences, was issued in June 2022. The primary objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter. The requirements of this statement were implemented in 2025 and the impact is reflected in the financial statements. See Note 14 for more information. GASB issued Statement No. 102, Certain Risk Disclosures, in December 2023. The primary objective of this Statement is to provide users of government financial statements with essential information about risks related to a government's vulnerabilities due to certain concentrations or constraints. The requirements of this Statement are effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter. The requirements of this statement were implemented in 2025 and the impact is reflected in the financial statements. See Note 1 for more information. Note 2 - Cash and Cash Equivalents BVSWMA, Inc. maintains cash balances in banks. These balances are insured by the Federal Deposit Insurance Corporation (FDIC). Custodial credit risk is the risk that, in the event of the failure of a depository financial institution, BVSWMA, Inc.'s deposits may not be returned. BVSWMA, Inc. has a depository policy for custodial credit risk incorporated into its depository contract. Deposits of BVSWMA, Inc. are insured or collateralized with securities held by BVSWMA, Inc., its agent, or by the pledging financial institution's trust department or agent in the name of BVSWMA, Inc. As of September 30, 2025 and 2024, bank deposits in the amounts of $24,068,569 and $21,045,701, respectively, were entirely covered by FDIC insurance and by the pledged collateral with a fair value of $26,222,116 and $23,599,160, respectively. Note 3 - Investments The Texas Public Funds Investment Act ("PFIA"), as prescribed in Chapter 2256 of the Texas Government Code, regulates deposits and investment transactions of BVSWMA, Inc. The Board of Directors has adopted a written investment policy regarding the investment of the BVSWMA, Inc.'s funds as defined by the Public Funds Investment Act (Chapter 2256, Texas Government Code). The investments of BVSWMA, Inc. are in compliance with this policy. As of September 30, 2025, BVSWMA, Inc.'s investment balances and the weighted average maturity of these investments were as follows: Fair Value Weighted Average Maturity (Days) Investments U.S. Treasury Securities $ 995 50 Money Market Mutual Funds 23 1 Total Investments $ 1,018 13 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 3 - Investments (continued) As of September 30, 2024, BVSWMA, Inc.'s investment balances and the weighted average maturity of these investments were as follows: Fair Value Weighted Average Maturity (Days) Investments Money Market Mutual Funds $ 1,125 27 Total Investments $ 1,125 BVSWMA, Inc. categorizes fair value measurements of its investments based on the hierarchy established by generally accepted accounting principles. The fair value hierarchy, which has three levels, is based on the valuation inputs used to measure an asset's fair value. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. BVSWMA, Inc.'s U.S Government Agency Securities and money market mutual funds are classified in Level 2 of the fair value hierarchy and are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities' relationship to benchmark quoted prices. Interest Rate Risk Interest rate risk is the risk that changes in interest rates may adversely affect the value of the investments. BVSWMA, Inc. monitors interest rate risk utilizing weighted average maturity analysis. In accordance with its investment policy, BVSWMA, Inc. reduces its exposure to declines in fair values by maintaining a dollar -weighted average maturity of two years or less. Credit Risk State law and the BVSWMA, Inc.'s investment policy limits investments in all categories to top ratings issued by nationally recognized rating agency. Concentration of Credit Risk BVSWMA Inc.'s investment policy requires the investment portfolio to be diversified in terms of investment instruments and maturity in order to reduce the risk of loss resulting from over -concentration of assets in specific instruments, individual financial institutions or maturities. BVSWMA Inc.'s investment policy establishes the following maximum limits, by instrument, for the portfolio: Percent of Investment Instrument Portfolio U.S. Treasury Securities 100% Agencies and Instrumentalities 70% Certificates of Deposits 30% Money Market Mutual Funds 20% Repurchase Agreements 20% Commercial Paper 20% Authorized Pools 70% 14 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 3 - Investments (continued) As of September 30, 2025, BVSWMA Inc.'s investment portfolio consisted of the following: Fair Value % of Portfolio Investments U.S. Treasury Securities $ 995 97.7% Money Market Mutual Funds 23 2.3% Total Investments $ 1,018 100.0% As of September 30, 2024, BVSWMA Inc.'s investment portfolio consisted of the following: Fair Value % of Portfolio Investments Money Market Mutual Funds $ 1,125 100.0% Total Investments $ 1,125 100.0% BVSWMA Inc.'s investments in U.S. Treasury Securities matured during fiscal year 2024. Due to unfavorable interest rates in renewal, BVSWMA Inc. opted to withhold from reinvesting until return on the treasury securities become more favorable. BVSWMA Inc. retained funds in the money market mutual funds to keep the portfolio with the investment broker open and prevent inefficiencies in closing and reopening the account. As such, the percent of portfolio for money market mutual funds temporarily exceeded established limits. Note 4 - Capital Assets Capital asset activity for the year ended September 30, 2025 was as follows: Beginning Balance Additions Retirements, Transfers and Ending Reclassifications Balance Non -Depreciable Capital Assets: Land $ 8,632,607 $ $ - $ 8,632,607 Construction in progress 456,734 1,019,287 (1,476,021) - Total Non -Depreciable Assets 9,089,341 1,019,287 (1,476,021) 8,632,607 Depreciable Capital Assets: Buildings 5,845,109 - 5,845,109 Landfill improvements 25,807,336 183,142 1,476,021 27,466,499 Machinery and equipment 19,249,256 2,047,064 (1,152,920) 20,143,400 50,901,701 2,230,206 323,101 53,455,008 Less accumulated depreciation (20,755,272) (3,455,085) 1,152,920 (23,057,437) Net Depreciable Capital Assets 30,146,429 (1,224,879) 1,476,021 30,397,571 Capital Assets, Net $ 39,235,770 $ (205,592) $ 39,030,178 Less associated bonds (2,481,413) Less deferred gain on refunding (60,417) Net Investment in Capital Assets $ 36,488,348 15 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 4 — Capital Assets (continued) Capital asset activity for the year ended September 30, 2024 was as follows: Retirements, Beginning Transfers and Ending Balance Additions Reclassifications Balance Non -Depreciable Capital Assets: Land $ 8,632,607 $ $ - $ 8,632,607 Construction in progress 46,476 456,734 (46,476) 456,734 Total Non -Depreciable Assets 8,679,083 456,734 (46,476) 9,089,341 Depreciable Capital Assets: Buildings 5,845,109 - 5,845,109 Landfill improvements 25,692,016 68,844 46,476 25,807,336 Machinery and equipment 17,934,991 3,362,771 (2,048,506) 19,249,256 49,472,116 3,431,615 (2,002,030) 50,901,701 Less accumulated depreciation (19,560,211) (3,239,245) 2,044,184 (20,755,272) Net Depreciable Capital Assets 29,911,905 192,370 42,154 30,146,429 Capital Assets, Net $ 38,590,988 $ 649,104 $ (4,322) 39,235,770 Less associated bonds (3,076,413) Less deferred gain on refunding (93,961) Net Investment in Capital Assets $ 36,065,396 Depreciation expense for the years ended September 30, 2025 and 2024 totaled $3,455,085 and $3,239,245, respectively. Note 5 - Compensated Absences Compensated absences is presented as a current liability in the Statement of Net Position. Compensated absences activity of BVSWMA, Inc. for the years ended September 30, 2025 and 2024, was as follows: Due Beginning Ending Within Fiscal Year Balance Additions (Retirements) Balance One Year 2025 $ 124,211 $ 312,821 $ - $ 437,032 $ 437,032 2024* 458,013 - (24,232) 433,781 433,781 *Amounts restated for GASB 101 The change in compensated absences above Is a net change for the year. Note 6 - Long -Term Financing The City of College Station issued $5,145,000 in Certificates of Obligation, Series 2009 and the City of Bryan issued $5,145,000 in Certificates of Obligation, Series 2010 to finance the construction of the Twin Oaks Landfill site. BVSWMA, Inc. has agreed as part of the Asset Transfer and Debt Agreement to pay the two cities an amount equal to the future debt service requirements of these certifications of obligation. 16 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 6 - Long -Term Financing (continued) During fiscal year 2017, the City of College Station issued $29,800,000 in General Obligation Improvement and Refunding Bonds, Series 2017, and as part of this refunding transaction, the City of College Station retired $225,000 of BVSWMA, Inc.'s liability related to the Certificates of Obligation, Series 2009. As a result of this transaction, BVSWMA, Inc. recorded a deferred gain on refunding of $225,000. This amount is recognized as a deferred inflow of resources in the statement of net position and is amortized over the remaining life of the certificates of obligation. During fiscal year 2020, the City of Bryan issued $7,125,000 in General Obligation Refunding Bonds, Series 2020, and as part of this refunding transaction, the City of Bryan retired $178,587 of BVSWMA, Inc.'s liability related to the Certificates of Obligation, Series 2010. As a result of this transaction, BVSWMA, Inc. recorded a deferred gain on refunding of $178,587. This amount is recognized as a deferred inflow of resources in the statement of net position and is amortized over the remaining life of the certificates of obligation. As of September 30, 2025, BVSWMA, Inc. reported a deferred gain on refunding of $60,417 and as of September 30, 2024, BVSWMA, Inc. reported a deferred gain on refunding of $93,961. Long-term debt outstanding at September 30, 2025 and 2024 is as follows: 2025 2024 Due to City of College Station due in annual principal payments through February 2029, plus varying interest of 3% to 5% due semi-annually $ 1,230,000 $ 1,505,000 Due to City of Bryan due in annual principal payments through August 2029, plus varying interest of 3% to 4.375% due semi-annually 1,251,413 1,571,413 $ 2,481,413 $ 3,076,413 Long-term liability activity of BVSWMA, Inc. for the year ended September 30, 2025 and 2024, was as follows: Due Beginning Ending Within Fiscal Year Balance Additions Retirements Balance One Year 2025 $ 3,076,413 $ $ 595,000 $ 2,481,413 $ 625,000 2024 3,646,413 570,000 3,076,413 595,000 The annual debt service requirement for years subsequent to September 30, 2025 are as follows: For Year Ending City of Bryan City of College Station September 30, Principal Interest Principal Interest 2026 $ 335,000 $ 44,825 $ 290,000 $ 41,550 2027 350,000 36,657 305,000 26,675 2028 365,000 22,657 310,000 14,400 2029 201,413 8,057 325,000 4,875 $ 1,251,413 $ 112,196 $ 1,230,000 $ 87,500 17 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 7 - Closure and Post -Closure Care Costs Post -closure monitoring and maintenance costs are incurred for thirty years after all closure requirements are approved by a regulatory agency and the facility is no longer accepting wastes. At September 30, 2025 and 2024, BVSWMA, Inc. reports one active site, Twin Oaks Landfill, and one closed site, Rock Prairie Landfill. The closure and post -closure care liability is based on landfill capacity used to date. Estimated future closure and post -closure care costs of the two sites are as follows at year end September 30: Twin Oaks Landfill Total Estimated Closure and Post -Closure Costs Capacity used at September 30 Closure and post -closure costs recognized Net liability Closure and Post -Closure Costs Remaining to be Recognized Estimated remaining landfill life, in years 2025 2024 33,143,010 17.75% 5,883,043 5,883,043 32,169, 681 16.03% 5,155,574 5,155,574 27,259,967 $ 27,014,107 85 86 Rock Prairie Landfill Total Estimated Closure and Post -Closure Costs $ 6,293,366 $ 6,293,366 Capacity used at September 30 100.00% 100.00% Closure and post -closure costs recognized 6,293,366 6,293,366 Closure and post -closure costs paid to date (4,040,192) (3,903,008) Net liability 2,253,174 2,390,358 Closure and Post -Closure Costs Remaining to be Recognized $ - $ Total Estimated Closure and Post -Closure Liability $ 8,136,217 $ 7,545,932 The estimate of future costs is subject to change for inflation, deflation, changes in technology and federal, state, and local regulations. During the fiscal year 2025 and 2024, no adjustments to estimates were recognized. BVSWMA, Inc. is required by state and federal laws and regulations to provide assurance that they are prepared to meet its financial responsibility with regard to closure and post -closure care costs. BVSWMA, Inc. complies with these requirements by using the Local Government Guarantee method. BVSWMA, Inc. obtains guarantees from the Cities of Bryan and College Station to satisfy these requirements. 18 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 8 - Related Party Transactions During the fiscal year, BVSWMA, Inc. entered into various transactions with related parties. The Cities of Bryan and College Station are related parties in that each City Council elects three members to serve on the Board of Directors of BVSWMA, Inc. As of September 30, 2025 and 2024, BVSWMA, Inc. had the following receivable from related parties: 2025 2024 City of Bryan $ 439 $ 60,537 City of College Station 179 62,574 $ 618 $ 123,111 During the years ended September 30, 2025 and 2024, BVSWMA, Inc. received the following revenues from related parties: City of Bryan City of College Station Note 9 - Landfill Host Fees 2025 2024 $ 107,648 $ 664,492 1,690 623,408 $ 109,338 $ 1,287,900 In April 2002, BVSWMA, Inc. agreed to pay Grimes County a $0.50 royalty for every ton of revenue generating municipal solid waste received at the Rock Prairie landfill. In return, Grimes County agreed not to oppose the issuance of a permit or amendment for the landfill or related facilities to be located in Grimes County. BVSWMA, Inc. and Grimes County intend for the royalty to fluctuate on an annual basis in relation to the tipping fee independently determined and charged for the Cities of Bryan and College Station. The current royalty is $0.64 per ton. The royalty paid to Grimes County shall never be less than $0.50 per ton. BVSWMA, Inc. incurred host fee expenses of $377,095 in 2025 and $344,646 in 2024. Note 10 - Retirement Plan BVSWMA, Inc. offers a 401 Governmental Money Purchase Plan to employees through IMCA Retirement Corporation and Vantage Trust. Participants are required to contribute 7% of earnings to the plan and BVSWMA, Inc. will contribute 14% of earnings. Once an employee chooses to contribute to the plan, employee contributions may not be stopped. BVSWMA, Inc. incurred retirement expenses for the years ended September 30, 2025 and 2024 of $387,265 and $332,926, respectively. Note 13 - Gas Royalty Income BVSWMA, Inc. entered an agreement, effective on April 27, 2022, to transfer ownership of Landfill Gas to Twin Oaks Renewables, LLC ("TOR"). As part of the agreement, TOR shall pay BVSWMA, Inc. monthly royalties from the operation of the Landfill Gas, less reimbursable costs including pipeline relocation costs. TOR began operations in December 2022. The initial term of this agreement began on the effective date and continues for twenty years following the effective date. If conditions in the agreement are met, the term extends automatically for five-year periods. During the fiscal year 2025, BVSWMA, Inc., earned $2,673,220 in gas royalty income, net of reimbursable costs and reported $201,322 in accounts receivable for royalties earned but not yet received. 19 BVSWMA, Inc. 2025 FS BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. NOTES TO FINANCIAL STATEMENTS Note 13 - Gas Royalty Income (continued) During the fiscal year 2024, BVSWMA, Inc., earned $2,601,425 in gas royalty income, net of reimbursable costs and reported $573,298 in accounts receivable for royalties earned but not yet received. Note 14 — Restatements of Beginning Balances GASB Statement No. 101, Compensated Absences was implemented in the current fiscal year. In addition to the value of unused vacation time owed to employees upon separation of employment, the liability for compensated absences now includes recognition of an estimated amount of sick leave earned as of year-end that will be used by employees as time off in future years. The effects of the change in accounting principle are summarized below in the "Restatement - GASB 101 implementation" column in the table below. Total Net Position Net Position 10/1/2023 Restatement - Net Position 10/1/2023 as Previously GASB 101 as Reported Implementation Restated $ 49,011,571 $ (309,570) $ 48,702,001 20 BVSWMA, Inc. 2025 FS Agenda Item 4. b. BVSWMA, Inc. Financial Report Regular Agenda 4.b. BVSWMA, Inc. Financial Report To: BVSWMA, Inc. Board of Directors From: Bryan Griesbach, BVSWMA, Inc. Executive Director Agenda Caption: BVSWMA, Inc. Financial Report. Recommendation(s): Staff recommends Board receive monthly financial reports. Summary: BVSWMA, Inc. utilizes the services Thompson, Derrig & Craig, P.C. for financial accounting services, including monthly financial reports Attachments: - Financial results for period ending November 30, 2025 - November Investment Report - Operations Contracts - Aging report Financials results Period Ending November 30, 2025 BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, INC. ACCOUNTANTS' COMPILATION REPORT AND FINANCIAL STATEMENTS INCLUDING SUPPLEMENTARY SCHEDULE NOVEMBER 30, 2025 T THOMPSON, DERRIG & CRAIG, P.C. Certified Public Accountants Accountants' Compilation Report To the Board of Directors Brazos Valley Solid Waste Management Agency, Inc. College Station, Texas Management is responsible for the accompanying financial statements of Brazos Valley Solid Waste Management Agency, Inc., which comprise the statement of net position as of November 30, 2025 and the related statements of revenues, expenses, and changes in net position for the one month and two month periods then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. Management has elected to omit substantially all of the disclosures and statement of cash flows required by accounting principles generally accepted in the United States of America. If the omitted disclosures and statement of cash flows were included in the financial statements, they might influence the user's conclusions about the Company's net position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. The supplementary information contained in Schedule I is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information has been compiled from information that is the representation of management. We have not audited or reviewed the supplementary information and, accordingly, do not express an opinion or provide any assurance on such supplementary information. We are not independent with respect to the Brazos Valley Solid Waste Management Agency, Inc. THOMPSON, DERRIG & CRAIG, P.C. College Station, Texas December 31, 2025 Lyn Kuciemba, CPA I James Larkin, CPA Kyle Cox, CPA I Alan Dock, CPA, CMA I R. Logan Kendrick, CPA, ABV I AJ Taylor, CPA 1598 COPPERFIELD PARKWAY, COLLEGE STATION, TX 77845 ITIIPS://TDC.CPA/ 979.260.9696 Brazos Valley Solid Waste Management Agency, Inc. Statement of Net Position As of November 30, 2025 ASSETS CURRENT ASSETS Cash & Short -Term Investments A/R Trade -City of Bryan A/R Trade -City of College Station A/R Trade Other Landfill Customer Allowance for Doubtful Accounts A/R - Returned NSF Checks A/R - Other Gas Royalty Estimated Rec'ble Prepaid Expenses $ 14,397,956.37 256.00 175.00 1,439,942.93 (65,884.30) 25.00 275,428.99 410,486.90 206,208.48 Total Current Assets $ 16,664,595.37 CAPITAL ASSETS Property, Plant & Equipment Less: Accumulated Depreciation 62,087,615.28 (23,588,293.00) Total Capital Assets 38,499,322.28 OTHER ASSETS Cash -Board Designated Funds -Closure & Post Closure -Rock Prairie LF Cash -Board Designated Funds -Closure & Post Closure -Twin Oaks LF Cash -Board Designated Funds -Pre -Closure & Interim Cover Twin Oaks LF Cash -Board Designated Funds -Debt Contingency Cash -Board Designated Funds -Cell Contingency Landfill Permits & Licenses Less: Accumulated Amortization Total Other Assets 2,219,069.55 4,917,911.94 1,084,108.46 500,000.00 1,000,000.00 3,933,196.53 (696,987.60) 12,957,298.88 TOTAL ASSETS $ 68,121,216.53 See Accountants' Compilation Report Brazos Valley Solid Waste Management Agency, Inc. Statement of Net Position As of November 30, 2025 LIABILITIES CURRENT LIABILITIES Accounts Payable -Trade Accounts Payable -Other Retainage Payable Misc. Deposits Payable -Customers Accrued Exp. Payable -Host Fees Landfill Surcharge Payable Sales Tax Payable P/R Clearing -Elective EE Beneft Current Portion Long -Term Debt Accrued Payroll Accrued PR Benefits -Compensated Absences Accrued Interest Payable $ 823,031.20 2,628.46 5,000.00 97,364.63 135,990.02 525.90 (469.13) 625,000.00 73,989.76 437,031.52 11,703.15 Total Current Liabilities $ 2,211,795.51 LONG-TERM LIABILITIES Accrued Closure, Post Closure and L/T Maint.Costs-RP Landfill Accrued Closure, Post Closure and L/T Maint Costs -TO Landfill Accrued Pre -Closure & Interim Cover Costs - TO Landfill N/P-COCS 5.145M 2009CO N/P-COB 5.145M 2010 CO Current Portion of L/Term Debt Total Long -Term Liabilities TOTAL LIABILITIES 12,289,298.50 DEFERRED INFLOWS OF RESOURCES Deferred Charge on Debt Refunding 60,417.51 Total Deferred Inflows of Resources 60,417.51 NET POSITION 2,219,069.55 4,917,911.94 1,084,108.46 1,230,000.00 1,251,413.04 (625,000.00) NET POSITION Unrestricted Funds Net Investment in Capital Assets TOTAL NET POSITION 19,814,008.79 35,957,491.73 10,077,502.99 55,771,500.52 TOTAL LIABILITIES AND NET POSITION $ 68,121,216.53 See Accountants' Compilation Report Brazos Valley Solid Waste Management Agency, Inc. Statement of Revenues, Expenses, and Changes in Net Position For the One Month and Two Month Periods Ended November 30, 2025 OPERATING REVENUE Landfill Revenue Compost Facility Revenue Gas System Royalty Income Other Operating Revenues Cash Over (Short) Total Operating Revenue OPERATING EXPENSES Debt Service - Interest Expense Gas Royalty Expense Deductions Community Support Services & Programs Bad Debt-Uncollectible Accounts & Reserve Adjustment Other: Contingency Maintenance: Computer & Office Maintenance: Building & Grounds Maintenance: Vehicle & Equipment Closure & Post Closure Maint.: Twin Oaks Pre -Closure & Interim Cover Costs: Twin Oaks Purchased Services: Advertising & Promotional Purchased Services: Insurance Purchased Services: Contract Labor Purchased Services: Printing Purchased Services: Professional Purchased Services: Rentals Purchased Services: Sundry Purchased Services: Technical Purchased Services: Training Purchased Services: Utilities Salaries & Wages Employee Benefits & Payroll Taxes Supplies: Office Supplies: Vehicles & Equipment Supplies: Other Month ended 2 Months ended 2 Months ended Nov. 30, 2025 Nov. 30, 2025 Nov. 30, 2025 Actual Actual Budget % of Budget $ 969,509.12 $ 2,175,904.85 $ 2,043,948.00 106.46 % 1,215.85 3,235.41 304,122.63 558,712.34 166,666.70 335.23 3,908.45 8,462.69 5,000.00 169.25 % 75.24 152.15 1,278,831.29 2,746,467.44 2,215,614.70 123.96 % 46,065.55 11,640.26 3,413.93 7,427.72 63,269.09 42,429.34 10,884.76 1,254.00 12,154.53 20,596.70 363.96 66,206.90 288.62 33,514.19 4,371.40 481.58 16,154.70 230,310.97 124,691.73 705.24 71,911.50 4,924.04 92,078.89 297,360.11 346,385.00 85.85 % - 1,000.00 0.00 % - 75,000.00 0.00 % 6,084.63 10,504.33 57.92 % 33,963.26 129,500.00 26.23 % 132, 813.72 131, 366.70 101.10 % 94,686.96 91,471.94 103.51 % 24,290.85 23,466.08 103.51 % 1,254.00 5,900.00 21.25 % 24,309.06 24,000.00 101.29 % 49,970.20 65,700.00 76.06 % 1,165.91 6,050.00 19.27 % 115,163.49 209,500.00 54.97 % 380.19 14,500.00 2.62 % 39,738.76 23,800.00 166.97 % 8,578.80 13,850.00 61.94 % 2,063.32 12,450.00 16.57 % 32,219.65 36,807.34 87.54 % 464,961.32 541,300.00 85.90 % 265,307.48 306,766.68 86.49 % 2,810.84 11,950.00 23.52 % 136,359.93 162,150.00 84.09 % 11,207.94 33,758.00 33.20 % Total Operating Expenses Before Amortization & Depreciation 773,060.71 1,836,769.31 2,277,176.07 80.66 % Operating Income (Loss) Before Amortization & Depreciation 505,770.58 909,698.13 (61,561.37) (1,477.71)% Amortization & Depreciation 266,200.02 541,148.21 Operating Income (Loss) 239,570.56 368,549.92 (61,561.37) (598.67)% NON -OPERATING REVENUES & EXPENSES Investment Income Gain (Loss) on Sale of Assets Non -Operating Revenue Pipeline Relocation Costs -Twin Oaks Host Fee Expense Total Non -Operating Revenues & Expenses Change in Net Position Before Capital Outlays CAPITAL OUTLAYS Capital Expenditures 71, 816.34 157, 803.52 133, 334.00 118.35 % 26,000.00 26,000.00 - 213.73 616.37 500.00 123.27 % (30,283.53) (65,904.46) (60,901.44) 108.21 67, 746.54 118, 515.43 72, 932.56 162.50 % 307,317.10 487,065.35 11,371.19 4,283.33 % (294,562.98) (1,267,376.08) (4,018,000.00) 31.54 See Accountant's Compilation Report Page 1 Brazos Valley Solid Waste Management Agency, Inc. Statement of Revenues, Expenses, and Changes in Net Position For the One Month and Two Month Periods Ended November 30, 2025 Change in Net Position Net Position, Contributed As of Beginning of Period Net Position, End of Period Month ended 2 Months ended 2 Months ended Nov. 30, 2025 Nov. 30, 2025 Nov. 30, 2025 Actual Actual Budget % of Budget 12,754.12 (780,310.73) 55,758,746.40 56,551,811.25 $ 55,771,500.52 $ 55,771,500.52 (4,006,628.81) 19.48 % See Accountants Compilation Report Page 2 SUPPLEMENTARY INFORMATION Brazos Valley Solid Waste Management Agency, Inc. Supplementary Schedule 1 Statement of Revenues, Expenses, and Changes in Net Position by Class For the One Month and Two Month Periods Ended November 30, 2025 OPERATING REVENUE Landfill Revenue Compost Facility Revenue Gas System Royalty Income Other Operating Revenues Total Operating Revenue OPERATING EXPENSES Debt Service - Interest Expense Gas Royalty Expense Deductions Community Support Services & Programs Bad Debt-Uncollectible Accounts & Reserve Adjustment Other: Contingency Maintenance: Computer & Office Maintenance: Building & Grounds Maintenance: Vehicle & Equipment Closure & Post Closure Maint.:Twin Oaks Pre -Closure & Interim Cover Costs -Twin Oaks Purchased Services: Advertising & Promotional Purchased Services: Insurance Purchased Services: Contract Labor Purchased Services: Printing Purchased Services: Professional Purchased Services: Rentals Purchased Services: Sundry Purchased Services: Technical Purchased Services: Training Purchased Services: Utilities Salaries & Wages Employee Benefits & Payroll Taxes Supplies: Office 10-Landfill Operations Month ended Nov 30, 2025 $ 969,509.12 304,122.63 3,983.78 1,277,615.53 46,065.55 3,413.93 3,352.34 62,891.10 42,429.34 10, 884.76 1,254.00 12,154.53 20,258.80 363.96 66,206.90 288.62 6,164.19 3,446.40 481.58 15,256.14 170,415.11 101,871.60 705.24 15-Compost Facility Month ended Nov 30, 2025 1,215.85 (0.09) 1,215.76 377.99 108.00 27,350.00 232.00 477.56 8,125.82 3,536.04 20-Administration Month ended Nov 30, 2025 11,640.26 51,770.04 19,284.09 30-Training Facility Month ended Current Period Nov 30, 2025 Total 4,075.38 229.90 693.00 421.00 $ 969,509.12 1,215.85 304,122.63 3,983.69 1,278,831.29 46,065.55 11, 640.26 3,413.93 7,427.72 63,269.09 42,429.34 10, 884.76 1,254.00 12,154.53 20,596.70 363.96 66,206.90 288.62 33,514.19 4,371.40 481.58 16,154.70 230,310.97 124,691.73 705.24 See Accountants' Compilation Report 1 Brazos Valley Solid Waste Management Agency, Inc. Supplementary Schedule 1 Statement of Revenues, Expenses, and Changes in Net Position by Class For the One Month and Two Month Periods Ended November 30, 2025 10-La n dfi l l 15-Compost Operations Facility 20-Administration 30-Training Facility Month ended Month ended Month ended Month ended Current Period Nov 30, 2025 Nov 30, 2025 Nov 30, 2025 Nov 30, 2025 Total Supplies: Vehicles & Equipment 71,885.50 26.00 71,911.50 Supplies: Other 4,851.89 - - 72.15 4,924.04 Total Operating Expenses Before Amortization & Depreciation 644,641.48 40,233.41 82,694.39 5,491.43 773,060.71 Operating Income (Loss) Before Amortization & Depreciation 632,974.05 (39,017.65) (82,694.39) (5,491.43) 505,770.58 Amortization & Depreciation 262,626.52 (224.66) - 3,798.16 266,200.02 Operating Income (Loss) 370,347.53 (38,792.99) (82,694.39) (9,289.59) 239,570.56 NON -OPERATING REVENUES & EXPENSES Investment Income 71,816.34 71,816.34 Gain (Loss) on Sale of Assets 26,000.00 26,000.00 Non -Operating Revenue 213.73 213.73 Pipeline Relocation Costs - Twin Oaks Host Fee Expense (30,283.53) - - (30,283.53) Total Non -Operating Revenues & (Expenses) 67,746.54 67,746.54 Change in Net Position Before Capital Outlays 438,094.07 (38,792.99) (82,694.39) (9,289.59) 307,317.10 CAPITAL OUTLAYS Capital Expenditures (276,112.98) - (18,450.00) (294,562.98) Change in Net Position $ 161,981.09 $ (38,792.99) $ (82,694.39) $ (27,739.59) $ 12,754.12 See Accountants' Compilation Report 2 Brazos Valley Solid Waste Management Agency, Inc. Supplementary Schedule 1 Statement of Revenues, Expenses, and Changes in Net Position by Class For the One Month and Two Month Periods Ended November 30, 2025 OPERATING REVENUE Landfill Revenue Compost Facility Revenue Gas System Royalty Income Other Operating Revenues Total Operating Revenue OPERATING EXPENSES Debt Service - Interest Expense Gas Royalty Expense Deductions Community Support Services & Programs Bad Debt-Uncollectible Accounts & Reserve Adjustment Other: Contingency Maintenance: Computer & Office Maintenance: Building & Grounds Maintenance: Vehicle & Equipment Closure & Post Closure Maint.:Twin Oaks Pre -Closure & Interim Cover Costs -Twin Oaks Purchased Services: Advertising & Promotional Purchased Services: Insurance Purchased Services: Contract Labor Purchased Services: Printing Purchased Services: Professional Purchased Services: Rentals Purchased Services: Sundry Purchased Services: Technical Purchased Services: Training Purchased Services: Utilities Salaries & Wages Employee Benefits & Payroll Taxes Supplies: Office 10-Landfill Operations 2 Months ended Nov 30, 2025 $ 2,175,904.85 558, 712.34 8,615.80 2,743,232.99 92,078.89 6,084.63 29,499.56 132,435.73 94,686.96 24,290.85 1,254.00 24,309.06 49,294.40 1,165.91 115,163.49 380.19 12,388.76 6,892.80 2,063.32 30,298.10 345,784.95 219,147.05 2,810.84 15-Compost Facility 2 Months ended Nov 30, 2025 3,235.41 (0.96) 3,234.45 377.99 216.00 27,350.00 300.00 924.55 16,676.29 7,164.01 20-Administration 2 Months ended Nov 30, 2025 297,360.11 102,500.08 38,996.42 30-Training Facility 2 Months ended Nov 30, 2025 4,463.70 459.80 1,386.00 997.00 Year -To -Date Total $ 2,175,904.85 3,235.41 558,712.34 8,614.84 2,746,467.44 92,078.89 297,360.11 6,084.63 33,963.26 132,813.72 94,686.96 24,290.85 1,254.00 24,309.06 49,970.20 1,165.91 115,163.49 380.19 39,738.76 8,578.80 2,063.32 32,219.65 464,961.32 265,307.48 2,810.84 See Accountants' Compilation Report 3 Brazos Valley Solid Waste Management Agency, Inc. Supplementary Schedule 1 Statement of Revenues, Expenses, and Changes in Net Position by Class For the One Month and Two Month Periods Ended November 30, 2025 Supplies: Vehicles & Equipment Supplies: Other Total Operating Expenses Before Amortization & Depreciation Operating Income (Loss) Before Amortization & Depreciation Amortization & Depreciation Operating Income (Loss) NON -OPERATING REVENUES & EXPENSES Investment Income Gain (Loss) on Sale of Assets Non -Operating Revenue Pipeline Relocation Costs - Twin Oaks Host Fee Expense Total Non -Operating Revenues & (Expenses) Change in Net Position Before Capital Outlays CAPITAL OUTLAYS Capital Expenditures (1,232,726.08) 10-Landfill Operations 2 Months ended Nov 30, 2025 136,333.93 11, 006.86 1,337,370.28 1,405,862.71 532,980.05 872,882.66 157,803.52 26,000.00 616.37 (65,904.46) 118, 515.43 991,398.09 (50,418.12) 15-Compost Facility 2 Months ended Nov 30, 2025 26.00 45.89 53,080.73 (49,846.28) 571.84 (50,418.12) 20-Administration 2 Months ended Nov 30, 2025 30-Training Facility 2 Months ended Nov 30, 2025 155.19 438,856.61 7,461.69 (438,856.61) (7,461.69) 7,596.32 (438,856.61) (15,058.01) (438,856.61) (15,058.01) Change in Net Position $ (241,327.99) $ (50,418.12) $ (438,856.61) $ Year -To -Date Total 136,359.93 11, 207.94 1,836,769.31 909,698.13 541,148.21 368,549.92 157,803.52 26,000.00 616.37 (65,904.46) 118,515.43 487,065.35 (34,650.00) (1,267,376.08) (49,708.01) $ (780,310.73) See Accountants' Compilation Report 4 Investment Report INVESTMENT REPORT October 1, 2025 - November 30, 2025 Envelope # BSMJXWBBBVXHL BRAZOS VALLEY SOLID WASTE MANAGEMENT AGENCY, 2690 HIGHWAY 30 ANDERSON TX 77830-9050 Your Advisor/Agent TDC CAPITAL ADVISORS, INC 1598 COPPERFIELD PKWY COLLEGE STATION TX 77845 Phone: (979) 260-9696 D INCAPITAL ADVISORS, INC. A REGISTERED INVESTMENT ADVISOR BROKERAGE BRAZOS VALLEY SOLID WASTE MANAGEMENT Your Financial Advisor: tdc capital advisors,inc ► Account Number: 636-474155 Your Account Value: Change from Last Period: Beginning Account Value Change in Investment Value Ending Account Value ** This Period $1,017.77 6.12 $1,023.89 $1,023.89 ♦ $6.12 Year -to -Date $986.08 37.81 $1,023.89 Reflects appreciation or depreciation of your holdings due to price changes, transactions from Other Activity In or Out and Multi -currency transactions, plus any distribution and income earned during the statement period. Excludes unpriced securities. Your Advisor is an independent organization and is not affiliated with Fidelity Investments. Brokerage services provided by Fidelity Brokeraae Services LLC (FBS) Member NYSE, SIPC (800) 544-6666. Brokerage accounts carried with National Financial Services LLC (NFS), Member NYSE, SIPC. MR CE BSMJXWBBBVXHL BBBBB 20251128 Fidelity 1 N V E S T M E N 7 S H02763284320251130 1 of 6 INVESTMENT REPORT October 1, 2025 - November 30, 2025 Account Summary Account Value: Change in Account Value Beginning Account Value Change in Investment Value * Ending Account Value Free Credit Balance This Period $1,017.77 6.12 $1,023.89 $1,023.89 $1,023.89 ♦ $6.12 Year -to -Date $986.08 37.81 $1,023.89 Free credit balances (FCB) include cash credits from the sale of long positions, deposits, cash dividends, and interest payments which have not been transferred to a money market fund or FDIC core position. FCB also includes positions, FCASH and credit balances that exceed the amount required to satisfy your margin obligations. Refer to the back of your statement for more information. Reflects appreciation or depreciation of your holdings due to price changes, transactions from Other Activity In or Out and Multi -currency transactions, plus any distribution and income earned during the statement period. Income Summary Taxable Dividends Interest U.S. Government Interest Total This Period $21.27 0.61 20.66 $21.27 Year -to -Date $39.78 0.05 1.02 38.71 $39.78 0 D INCAPITAL ADVISORS, INC. A REGISTERED INVESTMENT ADVISOR Top Holdings Description Cash Total Account # 636-474155 BRAZOS VALLEY SOLID WASTE MANAGEMENT - CORPORATION Percent of Value Account $1,023.89 100% $1,023.89 100% In order to comply with FINRA Rule 4512, Fidelity is asking clients to review or update trusted contact information. To learn more, go to www.fidelity.com/trustedcontact or contact a representative. 1223253.1.0 MR CE BSMJXWBBBVXHL BBBBB 20251128 (,Fidelity 2 of 6 INVESTMENT REPORT October 1, 2025 - November 30, 2025 Holdings Core Account D INCAPITAL ADVISORS, INC. A REGISTERED INVESTMENT ADVISOR Account # 636-474155 BRAZOS VALLEY SOLID WASTE MANAGEMENT - CORPORATION Price Total Est. Annual Est.Yield Description Quantity Per Unit Market Value Income (EA!) (EY) CASH 1,023.896 $1.0000 $1,023.89 - Total Core Account (100% of account holdings) $1,023.89 Total Holdings Activity Dividends, Interest & Other Income (Includes dividend reinvestment) $1,023.89 $0.00 Settlement Symbol/ Date Security Name CUSIP Description Quantity Price Amount 10/31 CASH 315994103 Interest Earned $0.04 11/28 CASH 315994103 Interest Earned 0.57 Total Dividends, Interest & Other Income $0.61 Other Activity Out Settlement Symbol/ Transaction Date Security Name CUSIP Description Quantity Price Cost Amount 11/20 UNITED STATES TREAS BILLS ZERO CPN 912797QR1 Redeemed -1,000.000 $1,000.00 0.00000% 11/20/2025 REDEMPTION PAYOUT #REOR R6007336270000 Total Other Activity Out $1,000.00 MR CE BSMJXWBBBVXHL BBBBB 20251128 ,FidelityS 3 of 6 INVESTMENT REPORT October 1, 2025 - November 30, 2025 Activity Core Fund Activity For more information about the operation of your core account, please refer to your Customer Agreement. Settlement Account Date Type 10/31 CASH 11/20 CASH 11/28 CASH Transaction Reinvestment You Bought Reinvestment Total Core Fund Activity D INCAPITAL ADVISORS, INC. A REGISTERED INVESTMENT ADVISOR Account # 636-474155 BRAZOS VALLEY SOLID WASTE MANAGEMENT - CORPORATION Description Quantity CASH NET INT REINVEST 0.040 CASH @ 1 1,000.000 CASH NET INT REINVEST 0.570 Additional Information and Endnotes Price $1.0000 1.0000 1.0000 Amount $0.04 1,000.00 0.57 $1,000.61 Balance $23.32 1,023.32 1,023.89 If your brokerage account is established with asset based pricing, please review the terms and conditions governing this program: https://clearingcustody.fidelity.com/app/literature/item/868856.html. If you have any questions, please contact your advisor. 911663.1.0 Copyright 2022, S&P Global Market Intelligence. Reproduction of any information, data or material, including ratings ("Content") in any form is prohibited except with the prior written permission of the relevant party. 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Other Assets, that may be reported on your statement, maintained with Fidelity Investments Life Insurance Company and mutual fund only accounts held directly with the fund (Fidelity Mutual Fund Accounts) are not carried by NFS, not covered by the Securities Investor Protection Corporation (SIPC) and do not count toward your margin and maintenance requirements. Assets held in brokerage accounts managed by Strategic Advisers LLC are carried by NFS and covered by SIPC but do not contribute to your margin and maintenance requirements. Short Account Balances - Securities sold short are held in a segregated short account. These securities are marked -to -market for margin purposes and increase or decrease from the short sale price is transferred weekly to your margin account. Your short account balance is shown as of the last weekly mark -to -market, not statement end date. Information About Your Option Transactions - Each transaction confirmation previously delivered to you contains full information about commissions and other charges, and such information is available promptly upon request. Assignments of American and European -style options are allocated among customer short positions pursuant to a random allocation procedure, a description is available upon request. Short positions in American -style options are liable for assignment anytime. The writer of a European -style option is subject to exercise assignment only during the exercise period. For more information about these, please call Fidelity at 800-544-6666. Equity Dividend Reinvestment - Shares credited to your account resulted from transactions by FBS acting as agent for your account, or the Depository Trust Company (DTC). Price Information/Total Market Value - The Total Market Value has been calculated to 9 decimal places but the individual unit price is displayed in 5 decimal places. The Total Market Value represents prices obtained from various sources may be impacted by the frequency with which such prices are reported and such prices are not guaranteed. Prices received from pricing vendors are generally based on current market quotes, but when such quotes are not available pricing vendors use a variety of techniques to estimate value. These estimates, particularly for fixed income securities, may be based on certain minimum principal amounts (e.g. $1 million) and may not reflect all factors that affect the value of the security, including liquidity risk. In certain situations, a price may be derived from a single broker quote. The prices provided are not firm bids or offers. Certain securities may reflect as "N/A" or 'unavailable where the price for such security is generally not available from a pricing source. The Market Value of a security, including those priced at par value, may differ from its purchase price and may not closely reflect the value at which the security may be sold or purchased based on various market factors. The sale or redemption of any fixed income security prior to maturity may result in a loss. In executing orders on the Floor the Floor broker may permit the Designated Market Maker to trade on parity with the order for some or all of the executions associated with filling -that order, where such permission would not be inconsistent with the brokers best execution obligations. Fidelity Investments - Fidelity Distributors Company LLC (FDC) is the distributor for Fidelity Funds with marketing and shareholder services provided by FBS or NFS. Brokerage services are provided by FBS, which clears all transactions through its affiliate NFS. NFS carries all brokerage accounts. FBS and NFS are members of the NYSE and SIPC. Upon written request, Fidelity will mail a NFS financial statement, which is also available at its office. Fidelity Investments (with pyramid logo) is a trademark of FMR LLC. Insurance products are distributed by FBS, Fidelity Insurance Agency, Inc., and Fidelity Investments Insurance Agency of Texas, Inc. Fidelity Go®, Fidelity® Wealth Services, Fidelity Managed FidFolios®, and Fidelity® Strategic Disciplines are advisory services offered by Strategic Advisers LLC (Strategic Advisers), a registered investment adviser, for a fee. Personalized Portfolios accounts are discretionary investment management accounts offered through Fidelity® Wealth Services. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. Strategic Advisers, FBS and NFS are Fidelity Investments companies. 534024.30.0 MR_CE _BSMJXWBBBVXHL_BBBBB 20251128 6 of 6 Statement of Compliance The investment portfolio contained in this report complies with BVSWMA, Inc. Investment Policy and the Public Funds Investment Act. Bryan Griesbach, Executive Director Contracts Vendor Avinext Brazos Dozer Service Business Cleaning Service City of College Station/BVWACS Continuum Environmental Services Caseys Fuel JBS Engineering & Environmental JBS Engineering & Environmental Larry Young Paving Paradigm Software RDO Equipment Siemens Thompson Derrig & Craig Weaver Consultants Group Whitley Penn Effective Expiration Description of Service 3/1/23 11/20/25 6/2/25 10/1/16 1/6/26 9/1/25 10/1/25 10/1/25 10/1/25 12/1/25 3/13/25 5/1/24 10/1/25 1/5/26 10/1/24 EVERGREEN 11/19/26 5/31/26 EVERGREEN 12/31/26 8/31/26 7/1/26 7/1/26 4/30/26 11/30/26 2/28/26 4/30/27 9/30/26 6/1/26 9/30/25 IT Managed Services Annual Price Agreement for Aggregate (Year 2 of 3) Facilitiy Cleaning Services (Year 3 of 3) ILA for Radio Service/Phone/Tower Maint. NSPS Quarterly Surface Emission Monitoring Fuel Distributor (Year 2 of 5) Airspace Calcs and Financial Assurance Activities GW Monitoring Services for the Twin Oaks Landfill FY26 Annual Price Agreement for Concrete Flatwork Scale Software Support Agreement GPS Software Annual Support Preventative Maintenance Access Security Accounting Services (Year 2 of 3) Air Compliance Assistance 1st QTR 2026 FY2025 Auditing Services Contract Amount $24,240.00 BLANKET $37,200.00 $14,029.00 $15,584.00 BLANKET $19,400.00 $62,000.00 $250,000.00 $13,914.64 $10,000.00 $3,756.00 $145,800.00 $16,400.00 $41,200.00 Aging Report L..E-Liaafill z pc)St 13-5SNAT A, Ixnc_ 01339 - Knife River 01691 - City of Bryan 01695 - B.A.G.S. 01701 - Bryan ISD 01705 - Gooseneck Trailers 01715 - Louis Gaston Construction 01724 - TAMU FMO 01725 - Texas Commercial Waste 01729 - United Roofing 02012 - College Station ISD 02246 - City of Somerville 02325 - City of Franklin 02603 - Husfeld Homes Inc. 02605 - MHMR 02809 - TCB Rental 02956 - JHW General Contractors 04126 - City of Caldwell 04379 - Brazos County Auditors Road & Bridge De 04622 - Mikeal Construction 04624 - Stearns Construction 05029 - Al Leonard Rentals 05104 - Brazos Paving Inc. 06185 - R M Dudley Construction Co Inc 07641 - Wilton's Office Works 09139 - Kitchen Designs 11809 - Green Teams 13741 - Twin City Missions 13842 - City of Navasota 16275 - Central Texas Restoration 16405 - Easterling Homes 16766 -Atmos Energy 16794 - Sery Pro of Brazos Valley 17637 - TNT Waste Container Service 18236 - Dillo Disposal Service, LLC. 18319 - Clark Isenhour Real Estate 18496 - City of Bryan Grit/Sludge 18851 - Fuqua Construction Co., Inc. 18968 - Gary Norton 19039 - Brazos Valley Recycling 19040 - BVR-Brenham Transfer Station 19230 - S. O. S. Ministries Aging Report Printed On: 12/11/2025 Aging As Of: 11/30/2025 Current 1 - 30 31 - 60 61 - 90 > 90 Total 196.48 0.00 0.00 0.00 0.00 196.48 176.00 0.00 0.00 0.00 0.00 176.00 49,541.46 0.00 0.00 0.00 0.00 49,541.46 82.24 0.00 0.00 0.00 0.00 82.24 124.16 0.00 0.00 0.00 0.00 124.16 151.36 0.00 0.00 0.00 0.00 151.36 21,175.31 0.00 0.00 0.00 0.00 21,175.31 127, 053.35 0.00 0.00 0.00 0.00 127, 053.35 269.20 0.00 0.00 0.00 0.00 269.20 18.24 0.00 0.00 0.00 0.00 18.24 181.12 0.00 0.00 0.00 0.00 181.12 3,679.04 0.00 0.00 0.00 0.00 3,679.04 2,378.50 0.00 0.00 0.00 0.00 2,378.50 7.36 0.00 0.00 0.00 0.00 7.36 3,089.90 1,490.40 0.00 0.00 0.00 4,580.30 270.40 0.00 0.00 0.00 0.00 270.40 11,174.54 0.00 0.00 0.00 0.02 11,174.56 3,424.64 0.00 0.00 0.00 0.00 3,424.64 11.72 6.10 0.00 0.00 0.00 17.82 79.36 0.00 0.00 0.00 0.00 79.36 54.72 0.00 0.00 0.00 0.00 54.72 474.64 0.00 0.00 0.00 0.00 474.64 1,469.24 0.00 0.00 0.00 0.00 1,469.24 127.04 0.00 0.00 0.00 0.00 127.04 315.88 0.00 0.00 0.00 0.00 315.88 202.57 0.00 0.00 0.00 0.00 202.57 26.56 0.00 0.00 0.00 0.00 26.56 4,316.76 0.00 0.00 0.00 0.00 4,316.76 10.56 0.00 0.00 0.00 0.00 10.56 1,696.36 0.00 0.00 0.00 0.00 1,696.36 191.68 0.00 0.00 0.00 0.00 191.68 60.48 0.00 0.00 0.00 0.00 60.48 1,672.64 0.00 0.00 0.00 0.00 1,672.64 86,354.11 0.00 0.00 0.00 0.00 86,354.11 32.64 0.00 0.00 0.00 0.00 32.64 50.00 0.00 0.00 0.00 0.00 50.00 27.84 0.00 0.00 0.00 0.00 27.84 3.20 0.00 0.00 0.00 0.00 3.20 291,687.68 0.00 0.00 0.00 0.00 291,687.68 235,315.21 0.00 0.00 0.00 0.00 235,315.21 32.00 0.00 0.00 0.00 0.00 32.00 Page 1 of 4 wires C71,0� LOL1-1arii1 z C_c�iIIpcust $ti S'C VIVIA, 'Iinc_ 19359 - Sleep Station 19899 - J & A Roofing 20102 - Gate Rental Services 20276 - Inland Environments Ltd. 20918 -Action Roll -Offs, Inc. 20924 - Big Creek Construction Ltd. 20977 - K&B Construction Inc. 21544 -Abraham Construction 21595 -Albo Construction, LLC. 21638 - Navasota Livestock Auction Co. 21658 - CGM Home Builders 21792 - Schieffer Corp. 21793 - The Personal Computer Store Inc. dba Avi 21794 - Done Right Roofing 21803 - Apostolo Associates, Inc. 21812 - Oakwood Custom Homes, LTD 21814 - Larry Young Paving Inc. 21825 - Oppie's Topsoil, Sand & Gravel 21826 - Professional Trash Valet+ dba BV Trash V 21828 - Brazos County Expo Center 21833 -ABC Pest Control Inc of College Station 21836 - Legacy Concrete Works, LLC 21837 - Flying V Rentals 21840 - Grimes County 21841 - Rios Trucking Co. 21845 - Texas Equine Hospital 21846 - Sunshine Fun Pool, Inc. 21855 - Texas Disposal Systems, Inc. 21858 - Blue Bell Creameries L.P. 21864 - Pronto Services, LLC 21866 - JS Hancock Homes, LLC 21870 - Only 1 Rentals, LLC 21875 - TSMS Tree Services 21878 - Nexus Disposal, LLC 21881 - Tom Lyne Plumbing 21882 - Budget Disposal 21893 - Texcon General Contractors 21896 - R Construction Company 21902 - Groundworks 21903 - Republic Services 21906 -A Brush Above Services LLC Aging Report Current 1 - 30 31 - 60 168.96 0.00 0.00 3,683.52 0.00 0.00 27.84 0.00 0.00 131.84 0.00 0.00 589.88 0.00 0.00 271.04 0.00 0.00 45.12 0.00 0.00 14.08 0.00 0.00 8,063.52 0.00 0.00 227.16 0.00 0.00 11.84 0.00 0.00 90.56 0.00 0.00 43.38 0.00 0.00 1,404.80 0.00 0.00 0.00 0.00 0.00 137.60 0.00 0.00 698.89 0.00 0.00 367.12 0.00 0.00 6,049.37 0.00 0.00 1,457.28 0.00 0.00 224.00 0.00 0.00 22,140.77 0.00 0.00 3,171.99 0.00 0.00 53.07 0.00 0.00 0.00 41.59 0.00 491.52 0.00 0.00 343.00 0.00 0.00 12, 520.52 0.00 0.00 2,879.52 3,338.41 0.00 29,092.43 12,849.31 0.00 419.52 0.00 0.00 6,293.14 0.00 0.00 2,805.46 655.80 0.00 6,227.20 0.00 0.00 33.92 0.00 0.00 35,253.51 0.00 0.00 2,381.40 0.00 0.00 300.92 0.00 0.00 387.52 0.00 0.00 21,463.58 0.00 0.00 1,127.61 0.00 0.00 61 90 Printed On: 12/11/2025 Aging As Of: 11/30/2025 > 90 Total 0.00 0.00 168.96 0.00 0.00 3,683.52 0.00 0.00 27.84 0.00 0.00 131.84 0.00 0.00 589.88 0.00 0.00 271.04 0.00 0.00 45.12 0.00 0.00 14.08 0.00 0.00 8,063.52 0.00 0.00 227.16 0.00 0.00 11.84 0.00 0.00 90.56 0.00 0.00 43.38 0.00 0.00 1,404.80 0.00 155.30 155.30 0.00 0.00 137.60 0.00 0.00 698.89 0.00 0.00 367.12 0.00 0.00 6,049.37 0.00 0.00 1,457.28 0.00 0.00 224.00 0.00 0.00 22,140.77 0.00 0.00 3,171.99 0.00 0.00 53.07 0.00 0.00 41.59 0.00 0.00 491.52 0.00 0.00 343.00 0.00 0.00 12, 520.52 0.00 0.00 6,217.93 0.00 0.00 41, 941.74 0.00 0.00 419.52 0.00 0.00 6,293.14 0.00 0.00 3,461.26 0.00 0.00 6,227.20 0.00 0.00 33.92 0.00 0.00 35,253.51 0.00 0.00 2,381.40 0.00 0.00 300.92 0.00 0.00 387.52 0.00 0.00 21,463.58 0.00 0.00 1,127.61 Page 2 of 4 ►T1_IL 1 Z� La3: 43_till 8� CoIra j t 13-N7STv4riVSA, ITnc_ 21907 - BCS All Pro Property Services LLC 21908 - Faith Floors & More 21910 - Frontier Waste Solutions 21911 - Team 3 Rentals and Services 21912 - Raymond's Roofing & Remodeling 21916 - The Steamery Inc. 21917 - Bass Plumbing 21921 - Standley Feeds 21922 - Yellowstone Landscape 21923 - McCulloch Construction, LLC 21927 - Lossen Bros., Inc. 21935 - On Edge Materials 21940 - Brazos Valley Food Bank 21945 - Maelee Construction 21955 - Cervantez Construction 21960 - Texas Ranch Roll -offs 21965 - Maroon Dumpsters 21975 - The Tool Guys 21980 - B/CS Toyota 21988 - Live Oak Environmental 21990 - Gageco Waste, LLC 21992 - Rocking H Dumpsters 21993 - Tetrasolv Services 21994 - Caron Services Inc. 21997 - Magna Flow Environmental 21998 - Brazos Valley Insulators 22002 - TJ Burdett & Sons 22004 - Heart of Texas Goodwill Industries, Inc. 22005 - Aggieland Dirt Works 22006 - Serna 22007 - United Site Solutions 22010 - Container Source 22011 - Double R Construction 22013 - Waller Equine Hospital 22014 - CCS Dumpsters 22015 - Hernandez Cleanup & Truck Service 22018 - Waste Falcon 22019 - Bullseye Site Services 22022 - City of Trinity 22025 - C.S. Community, LLC 22026 - Energy Waste Aging Report Current 1 - 30 31 - 60 326.32 0.00 0.00 389.76 0.00 0.00 65,502.19 28,561.63 0.00 4,709.76 1,711.72 0.00 265.29 60.50 0.00 121.92 0.00 0.00 15.48 0.00 0.00 518.96 0.00 0.00 122.88 0.00 0.00 392.96 0.00 0.00 9,011.30 0.00 0.00 255.00 0.00 0.00 165.92 0.00 0.00 11,436.25 0.00 0.00 332.48 0.00 0.00 20,880.71 0.00 0.00 41,242.27 45.00 0.00 66.88 0.00 0.00 12.36 21.08 0.00 25, 584.50 0.00 0.00 6,614.40 0.00 0.00 6,848.35 0.00 0.00 772.02 0.00 0.00 2,354.88 0.00 0.00 1,257.90 0.00 0.00 298.56 0.00 0.00 270.40 0.00 0.00 233.60 0.00 0.00 10,134.34 0.00 0.00 9,188.42 0.00 0.00 3,557.08 0.00 0.00 44,339.47 2,251.35 0.00 8,925.23 4,111.71 0.00 1,486.23 0.00 0.00 52.16 0.00 0.00 7,043.52 0.00 0.00 6,476.27 0.00 0.00 1,437.12 0.00 0.00 12, 720.53 0.00 0.00 1,481.88 0.00 0.00 2,404.79 0.00 0.00 61 - 90 Printed On: 12/11/2025 Aging As Of: 11/30/2025 > 90 Total 0.00 0.00 326.32 0.00 0.00 389.76 0.00 0.00 94,063.82 0.00 0.00 6,421.48 0.00 0.00 325.79 0.00 0.00 121.92 0.00 0.00 15.48 0.00 0.00 518.96 0.00 0.00 122.88 0.00 0.00 392.96 0.00 0.00 9,011.30 0.00 0.00 255.00 0.00 0.00 165.92 0.00 0.00 11,436.25 0.00 0.00 332.48 0.00 0.00 20,880.71 0.00 0.00 41,287.27 0.00 0.00 66.88 0.00 0.00 33.44 0.00 0.00 25,584.50 0.00 0.00 6,614.40 0.00 0.00 6,848.35 0.00 0.00 772.02 0.00 0.00 2,354.88 0.00 0.00 1,257.90 0.00 0.00 298.56 0.00 0.00 270.40 0.00 0.00 233.60 0.00 0.00 10,134.34 0.00 0.00 9,188.42 0.00 0.00 3,557.08 0.00 0.00 46,590.82 0.00 0.00 13,036.94 0.00 0.00 1,486.23 0.00 0.00 52.16 0.00 0.00 7,043.52 0.00 0.00 6,476.27 0.00 0.00 1,437.12 0.00 0.00 12, 720.53 0.00 0.00 1,481.88 0.00 0.00 2,404.79 Page 3 of 4 wire Qa las Landfill Aging Report Coiripost Inkc!_ Current 1 - 30 31 - 60 61 - 90 > 90 Total 22027 - Lake Life Solutions 22028 - Country Corridor Disposal 22029 - BCS Junk Removal 22030 - Rountree Development 22032 - Rubios Solutions, Inc. 22033 - Marsh Waste Solution 22035 -Aggieland Construction 22036 - Jackson Masonry 22037 - W.T. Byler 22091 - Grassroots, LLC 34 - C.S. Commercial Trucks 35 - C.S. Commercial Roll -Off Trucks 99012 - Sitek Omni 99015 -Angel Serna Construction CO21 - BISD C044 - Voltin Lawn C100 - Bryan Resident C935 - On Edge Materials Printed On: 12/11/2025 Aging As Of: 11/30/2025 164.16 0.00 0.00 0.00 0.00 164.16 4,027.21 4,336.20 0.00 7,720.70 0.00 16,084.11 5,709.55 0.00 0.00 0.00 0.00 5,709.55 489.29 0.00 0.00 0.00 0.00 489.29 -1,356.50 0.00 0.00 0.00 0.00 -1,356.50 2,895.37 0.00 0.00 0.00 0.00 2,895.37 331.30 0.00 0.00 0.00 0.00 331.30 430.40 0.00 0.00 0.00 0.00 430.40 1,846.36 0.00 0.00 0.00 0.00 1,846.36 357.80 0.00 0.00 0.00 0.00 357.80 125.00 0.00 0.00 0.00 0.00 125.00 50.00 0.00 0.00 0.00 0.00 50.00 25,437.93 0.00 0.00 0.00 0.00 25,437.93 4,800.36 0.00 0.00 0.00 0.00 4,800.36 76.81 0.00 0.00 0.00 0.00 76.81 10.00 0.00 0.00 0.00 0.00 10.00 30.00 0.00 0.00 0.00 0.00 30.00 41.14 0.00 0.00 0.00 0.00 41.14 Aging Totals 1,373,017.11 59,480.80 0.00 7,720.70 155.32 1,440,373.93 Page 4 of 4 Agenda Item 4. c. BVSWMA, Inc. Executive Directors Report Regular Agenda 4.c. Executive Directors Report To: BVSWMA, Inc. Board of Directors From: Bryan Griesbach, BVSWMA, Inc. Executive Director Agenda Caption: Receive and discuss staff and Executive Director's report on landfill and compost facility operations. Recommendation(s): Staff recommends Board receive presentation by staff & Executive Director Summary: Review of landfills and compost volume and other activities of note during the period Attachments: - Tons per day ending November 2025 3,000 I Twin Oaks Average Tons Per Day College Station City of Bryan All Others Total Budget 2,500 2,3Zr. 2,000 1,500 1,000 500 1,865 1,811 ,093 2,254 2,327 2,339 2,125 L,Ub4 2,081 = 2,061 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Agenda Item 4. d. Twin Oaks Renewables Update Regular Agenda 4.d. Twin Oaks Renewable Update To: BVSWMA, Inc. Board of Directors From: Bryan Griesbach, BVSWMA, Inc. Executive Director Agenda Caption: Discussion, consideration and possible action relating to a status update of Twin Oaks Renewables. Recommendation(s): Staff recommends Board discuss, consider and take possible action relating to a status update of Twin Oaks Renewables Summary: This item is intended to provide the Board with a status update of Twin Oaks Renewables. Attachments: - None Agenda Item 4. e. Law Enforcement Training Facility Update Regular Agenda 4.e. Law Enforcement Training Facility Update To: BVSWMA, Inc. Board of Directors From: Bryan Griesbach, BVSWMA, Inc. Executive Director Agenda Caption: Discussion, consideration and possible action relating to a status update of the Twin Oaks Law Enforcement Training Facility. Recommendation(s): Staff recommends Board discuss, consider and take possible action relating to a status update of the Twin Oaks Law Enforcement Training Facility. Summary: This item is intended to provide the Board with a status update of the Twin Oaks Law Enforcement Training Facility. Attachments: - None Agenda Item 4. f. Future Agenda Items Regular Agenda 4.f. Future Agenda Items To: BVSWMA, Inc. Board of Directors From: Bryan Griesbach, BVSWMA, Inc. Executive Director Agenda Caption: Discussion, consideration, and possible action regarding future agenda items. Recommendation(s): Staff recommends Board present any items that they would like included on future agendas Summary: Not applicable Attachments: None