| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Estes S.B. No. 1361 | |
| 2 | 2 | (Hardcastle) | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the audit report exemption for certain general and | |
| 8 | 8 | special law districts. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 49.198, Water Code, is amended to read as | |
| 11 | 11 | follows: | |
| 12 | 12 | Sec. 49.198. AUDIT REPORT EXEMPTION. (a) A district may | |
| 13 | 13 | elect to file annual financial reports with the executive director | |
| 14 | 14 | in lieu of the district's compliance with Section 49.191 provided: | |
| 15 | 15 | (1) the district had no bonds or other long-term (more | |
| 16 | 16 | than one year) liabilities outstanding during the fiscal period; | |
| 17 | 17 | (2) the district did not have gross receipts from | |
| 18 | 18 | operations, loans, taxes, or contributions in excess of $250,000 | |
| 19 | 19 | [$100,000] during the fiscal period; and | |
| 20 | 20 | (3) the district's cash and temporary investments were | |
| 21 | 21 | not in excess of $250,000 [$100,000] at any time during the fiscal | |
| 22 | 22 | period. | |
| 23 | 23 | (b) The annual financial report must be accompanied by an | |
| 24 | 24 | affidavit attesting to the accuracy and authenticity of the | |
| 25 | 25 | financial report signed by a duly authorized representative of the | |
| 26 | 26 | district. | |
| 27 | 27 | (c) The annual financial report and affidavit in a format | |
| 28 | 28 | prescribed by the executive director must be on file with the | |
| 29 | 29 | executive director within 45 days after the close of the district's | |
| 30 | 30 | fiscal year. | |
| 31 | 31 | (d) Districts governed by this section are subject to | |
| 32 | 32 | periodic audits by the executive director. |