By: Stephenson H.B. No. 3408
A BILL TO BE ENTITLED
AN ACT
relating to posting certain municipal financial information on the
Internet.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle A, Title 4, Local Government Code, is
amended by adding Chapter 110 to read as follows:
CHAPTER 110. MISCELLANEOUS FINANCIAL PROVISIONS AFFECTING
MUNICIPALITIES
Sec. 110.001. POSTING OF COMPREHENSIVE ANNUAL FINANCIAL
REPORT ON INTERNET. (a) In this section, "comprehensive annual
financial report" means a written report prepared by or for a
municipality at the end of each fiscal year that provides at a
minimum a detailed accounting of:
(1) all funds received and disbursed by the municipality
during the fiscal year; and
(2) all outstanding debt obligations of the municipality as
of the last day of the fiscal year.
(b) A municipality that maintains an Internet website shall
post the municipality's comprehensive annual financial report on
the website. The municipality must post the report as soon as the
report is available and must maintain the posting at all times until
at least the third anniversary of the date the report is first
posted.
SECTION 1. This Act takes effect January 1, 2016.