83R8805 TJB-D
By: Williams S.B. No. 1652
A BILL TO BE ENTITLED
AN ACT
relating to the fiscal transparency and accountability of certain
entities responsible for public money.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 51.005, Education Code, is amended to
read as follows:
Sec. 51.005. ANNUAL FINANCIAL REPORT [REPORTS]. (a) Each
institution of higher education shall:
(1) prepare a complete annual financial report as
prescribed by Section 2101.011, Government Code; and
(2) post the institution's most recent annual
financial report continuously on the institution's Internet
website.
(b) Each institution of higher education that is a component
of a university system shall include in its annual financial report
a description of any debt issued by the university system for or on
behalf of the institution during the fiscal year covered by the
report. In this subsection, "university system" has the meaning
assigned by Section 61.003.
SECTION 2. Subchapter B, Chapter 403, Government Code, is
amended by adding Section 403.0117 to read as follows:
Sec. 403.0117. LOCAL TAX RATES PUBLISHED ON INTERNET. (a)
The comptroller shall publish on the comptroller's Internet
website, listed by county:
(1) the name of each political subdivision that
imposes a sales and use tax and the sales and use tax rate for the
political subdivision; and
(2) the tax rate information reported to the
comptroller by each county assessor-collector under Section
26.16(e), Tax Code.
(b) The comptroller shall update the information described
by Subsection (a) at least annually.
SECTION 3. Section 1202.008, Government Code, is amended to
read as follows:
Sec. 1202.008. COLLECTION AND REPORT OF INFORMATION ON
LOCAL [PUBLIC] SECURITIES [OF POLITICAL SUBDIVISIONS]. (a) In
this section, "local security" has the meaning assigned by Section
1231.001.
(b) In reviewing local [public] securities under this
chapter, the attorney general shall [may] collect, in the form
required by the Bond Review Board, information on each local
security [public securities issued by a municipal corporation or
political subdivision of this state].
(c) [(b)] The information must include:
(1) the terms of each local security [the public
securities];
(2) the debt service payable on each local security
[the public securities]; and
(3) other information required by the Bond Review
Board.
(d) [(c)] The attorney general shall send the information
to the Bond Review Board for inclusion in the reports required by
Sections [board's report of debt statistics under Section]
1231.062, 1231.104, and 1231.105.
(e) The attorney general may not approve a local security
under Section 1202.003 until the attorney general receives written
notification from the bond finance office at the Bond Review Board
that the office:
(1) has received the information required by
Subsection (c); or
(2) has agreed to a later date for the submission of
the information.
SECTION 4. The heading to Subtitle B, Title 9, Government
Code, is amended to read as follows:
SUBTITLE B. PROVISIONS APPLICABLE TO PUBLIC SECURITIES [ISSUED BY
STATE GOVERNMENT]
SECTION 5. Section 1231.001, Government Code, is amended by
adding Subdivision (4) to read as follows:
(4) "Local security" means a public security as
defined by Section 1201.002, other than a state security.
SECTION 6. Section 1231.062(b), Government Code, is amended
to read as follows:
(b) A report must include:
(1) total debt service as a percentage of total
expenditures;
(2) total debt [tax-supported debt service as a
percentage of general revenue expenditure;
[(3)] per capita [total debt];
(3) tax-supported debt [(4) per capita tax-supported
debt;
[(5) total debt and tax-supported debt as a percentage
of personal income;
[(6) total personal income per capita;
[(7) total debt per capita as a percentage of total
personal income] per capita;
(4) [(8)] total debt and tax-supported debt as a
percentage of real property valuations;
(5) [(9) total debt and tax-supported debt as a
percentage of annual revenues and expenditures;
[(10)] principal scheduled [required] to be repaid in
five years, [and principal required to be repaid in] 10 years, and
20 years;
(6) [(11) growth rates of total debt per capita and
total debt per dollar of personal income;
[(12)] recent issuances [trends in the issuance] of
short-term notes;
(7) [(13)] recent trends in issuance costs;
(8) [(14)] savings from recent refundings;
(9) debt outstanding [(15) recent trends in
capitalized interest use;
[(16) debt service coverage ratios, if applicable];
and
(10) [(17)] other information the board considers
relevant.
SECTION 7. The heading to Section 1231.102, Government
Code, is amended to read as follows:
Sec. 1231.102. STATE SECURITIES ANNUAL REPORT.
SECTION 8. Subchapter F, Chapter 1231, Government Code, is
amended by adding Sections 1231.104, 1231.105, and 1231.106 to read
as follows:
Sec. 1231.104. LOCAL SECURITIES ANNUAL REPORT. Not later
than the 180th day after the end of each state fiscal year, the bond
finance office shall publish a report listing:
(1) the amount of local securities outstanding;
(2) applicable repayment schedules; and
(3) other information the office considers relevant.
Sec. 1231.105. ONLINE ANNUAL LOCAL DEBT STATISTICS REPORT.
Not later than the 150th day after the end of each state fiscal
year, the bond finance office shall publish on the office's
Internet website a report that includes the statistical information
listed in Section 1231.062(b) for all local securities for the
preceding fiscal year.
Sec. 1231.106. REQUIRED INFORMATION. (a) An issuer of a
local security shall provide annually to the bond finance office,
and at other times required by the office, information that the
office determines necessary to administer the powers or duties of
the board or the office, including the preparation of any report.
(b) The bond finance office shall develop a standardized
format to simplify the submission of information by an issuer under
this section.
SECTION 9. Section 140.005, Local Government Code, is
transferred to Subchapter D, Chapter 12, Education Code,
redesignated as Section 12.1191, Education Code, and amended to
read as follows:
Sec. 12.1191 [140.005]. ANNUAL FINANCIAL STATEMENT OF
CHARTER SCHOOL [, ROAD, OR OTHER DISTRICT]. (a) The governing body
of an [a school district,] open-enrollment charter school [, junior
college district, or a district or authority organized under
Article III, Section 52, or Article XVI, Section 59, of the Texas
Constitution,] shall prepare an annual financial statement showing
for each fund subject to the authority of the governing body during
the fiscal year:
(1) the total receipts of the fund, itemized by source
of revenue, including taxes, assessments, service charges, grants
of state money, gifts, or other general sources from which funds are
derived;
(2) the total disbursements of the fund, itemized by
the nature of the expenditure; and
(3) the balance in the fund at the close of the fiscal
year.
(b) The governing body of an open-enrollment charter school
shall take action to ensure that the school's annual financial
report is made available in the manner provided by Chapter 552,
Government Code, and is posted continuously on the school's
Internet website.
(c) An open-enrollment charter school shall maintain an
Internet website to comply with this section.
SECTION 10. Chapter 140, Local Government Code, is amended
by adding Section 140.008 to read as follows:
Sec. 140.008. ANNUAL FINANCIAL REPORT; DEBT INFORMATION.
(a) In this section:
(1) "Debt obligation" means an issued public security,
as defined by Section 1201.002, Government Code.
(2) "Political subdivision" means a county,
municipality, school district, junior college district, other
special district, or other subdivision of state government.
(b) A political subdivision shall prepare an annual
financial report that includes:
(1) financial information for each fund subject to the
authority of the governing body of the political subdivision during
the fiscal year, including:
(A) the total receipts of the fund, itemized by
source of revenue, including taxes, assessments, service charges,
grants of state money, gifts, or other general sources from which
funds are derived;
(B) the total disbursements of the fund, itemized
by the nature of the expenditure;
(C) the balance in the fund as of the last day of
the fiscal year; and
(D) any other information required by law to be
included by the political subdivision in an annual financial report
or comparable annual financial statement, exhibit, or report; and
(2) then-current debt obligation information for the
political subdivision that must state:
(A) as a total amount and as a per capita amount:
(i) the amount of all authorized debt
obligations;
(ii) the principal of all outstanding debt
obligations;
(iii) the principal of each outstanding
debt obligation;
(iv) the combined principal and interest
required to pay all outstanding debt obligations on time and in
full; and
(v) the combined principal and interest
required to pay each outstanding debt obligation on time and in
full; and
(B) for each debt obligation:
(i) the issued and unissued amount;
(ii) the spent and unspent amount;
(iii) the maturity date; and
(iv) the stated purpose for which the debt
obligation was authorized.
(c) The governing body of a political subdivision shall take
action to ensure that:
(1) the political subdivision's annual financial
report is made available for inspection by any person and is posted
continuously on the political subdivision's Internet website; and
(2) the contact information for the main office of the
political subdivision is continuously posted on the website,
including the physical address, the mailing address, the main
telephone number, and an e-mail address.
(d) A political subdivision shall maintain an Internet
website to comply with this section.
SECTION 11. The heading to Section 26.16, Tax Code, is
amended to read as follows:
Sec. 26.16. REPORTING OF TAX RATES AND POSTING OF [TAX]
RATES ON COUNTY'S INTERNET WEBSITE.
SECTION 12. Section 26.16, Tax Code, is amended by amending
Subsections (a), (b), and (e) and adding Subsection (f) to read as
follows:
(a) The county assessor-collector for each county,
including those that do not participate in the assessment or
collection of property taxes, shall maintain [that maintains] an
Internet website. The county assessor-collector shall post on the
website [of the county] the following information for the most
recent five tax years beginning with the 2012 tax year for each
taxing unit all or part of the territory of which is located in the
county:
(1) the adopted tax rate;
(2) the maintenance and operations rate;
(3) the debt rate;
(4) the effective tax rate;
(5) the effective maintenance and operations rate; and
(6) the rollback tax rate.
(b) Each taxing unit [all or part of the territory of which
is located in the county] shall annually provide the information
described by Subsection (a) pertaining to the taxing unit to the
county assessor-collector of each county in which all or part of the
unit's territory is located [annually] following the adoption of a
tax rate by the taxing unit for the current tax year. The chief
appraiser of the appraisal district established in the county may
assist the county assessor-collector in identifying the taxing
units required to provide information to the assessor-collector.
(e) The county assessor-collector for each county shall
report the tax rate information described by Subsection (a) for the
current tax year to the comptroller.
(f) The comptroller by rule shall prescribe the time and
manner in which the information described by this section is
required to be reported and published [presented].
SECTION 13. Section 140.006, Local Government Code, is
repealed.
SECTION 14. (a) The governing body of a school district
or junior college district required to publish an annual financial
statement under former Section 140.006, Local Government Code,
shall publish an annual financial statement for the last fiscal
year ending before the effective date of this Act for which the
district has not published an annual financial statement.
(b) Section 140.008, Local Government Code, as added by this
Act, applies only to an annual financial report for a fiscal year
ending on or after the effective date of this Act. An annual
financial report for a fiscal year ending before the effective date
of this Act is governed by the law in effect when the fiscal year
ended, and the former law is continued in effect for that purpose.
SECTION 15. This Act takes effect September 1, 2013.