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