LAMPASAS — School board trustees rejected two bids Monday for properties obtained by way of the lien process through the Lampasas County Appraisal District and approved a recommendation for the district to advertise both properties for sale.

The two properties, located at 304 N. Broad St. and 1811 E. Olive St., were previously opened to bids for the amounts owed on the properties; however, the minimum bids were considered high and no bids were received, according to information provided by Shane Jones, chief financial officer of the Lampasas Independent School District.

“We had these listed at the courthouse, but there were no bidders,” Jones said.

The properties were then subjected to a sealed bid process and two bids were submitted.

At Jones’ request, the school board rejected the bids because they were too low.

Trustees agreed to advertise the properties for sale with a required minimum bid of no less than $5,000 for the North Broad Street location, which they said is worth more money, to get the properties back on the tax rolls and generating tax revenue.

In other business, the school board received the annual audit report for the 2012-2013 school year from Preston Singleton, a CPA with Singleton, Clark & Company of Austin.

Singleton’s firm has conducted the annual auditing process since 2005.

“The school board’s role is to provide financial oversight of the budget, and the audited financial statements are a look back ... a historical look at the past year of district operations,” Singleton said.

One of the most important snapshots of operations is shown in the general fund balance, as this represents the financial reserves of a school district and is a reflection of financial stability, Singleton said.

Singleton’s report showed Lampasas ISD with a general fund balance of $16,013,120, which means the district has more than seven months in reserve for operating expenses. At least three months of reserve funding is generally recommended, so the district is considered to be in good standing, he said.

“This means LISD should have no problem paying bills, responding to emergencies and addressing capital ‘pet’ projects ...,” Singleton said.

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