12/10/2025 Texas RE Audit, Governance, Risk, & Finance Committee Meeting Summary

1 – Call to Order

The meeting was called to order.

2 – Antitrust Admonition*

Antitrust Admonition was stated.

3 – Approval of May 14, 2025, Meeting Minutes* Vote

No objections or questions were raised regarding the minutes.
The minutes were approved by a majority vote with “ayes” and no opposition or abstentions.

4 – Financial Report*

Balance sheet cash was reported at $13.9 million, representing operating cash for November and December.
Property and equipment totaled $7.3 million.
Right-of-use assets for the building lease accounted for $6.0 million.

The 2025 budget was $17.0 million, with an underrun through October 2025 of $2.0 million in expenses. Drivers cited included:

• Personnel cost impacts from turnover
• Forfeited 401(k) contributions (about $150,000)
• RAPA focusing on Energy Assessments and reduced travel
• Operating expenses underrun of $620,000
• A $115,000 common area maintenance credit and lease incentives

Capital expenditures totaled $31,000 for additional cubicles and desks for new FTEs.
A breakdown of cash reserves and operating cash was presented.
No questions or comments were raised on the financial report.

5 – Human Resources Report*

Texas RE received the Austin American-Statesman Top Workplaces Award for 2025. President & CEO Jim Albright also received an award for outstanding leadership.

Staffing updates:

• 70 FTEs (with 2 vacancies) since October, with a plan and budget for 72 FTEs
• 2026 plan to expand to 75 FTEs
• 3 positions filled during 2025

Current vacancies:

• O&P compliance engineer/analyst (interview phase)
• SharePoint Architect (not posted yet)

Upcoming 2026 recruitment:

• CIP Compliance Analyst (new position)
• CIP Compliance Team Lead (due to retirement)

Employee engagement activities from the last quarter were highlighted.
Leadership noted strong candidate pools and confidence in filling open roles.

6 – Future Agenda Items & Other Business

No additional business, comments, or questions were raised.

9 – Adjourn Meeting

The meeting was adjourned.