| 1 | 1 | | 89R5078 DRS-D |
|---|
| 2 | 2 | | By: Schatzline H.B. No. 1673 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | |
|---|
| 6 | 6 | | |
|---|
| 7 | 7 | | A BILL TO BE ENTITLED |
|---|
| 8 | 8 | | AN ACT |
|---|
| 9 | 9 | | relating to the publication of annual financial statements by a |
|---|
| 10 | 10 | | municipality. |
|---|
| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 12 | 12 | | SECTION 1. The heading to Chapter 103, Local Government |
|---|
| 13 | 13 | | Code, is amended to read as follows: |
|---|
| 14 | 14 | | CHAPTER 103. AUDIT AND DISCLOSURE OF MUNICIPAL FINANCES |
|---|
| 15 | 15 | | SECTION 2. Chapter 103, Local Government Code, is amended |
|---|
| 16 | 16 | | by adding Section 103.005 to read as follows: |
|---|
| 17 | 17 | | Sec. 103.005. ANNUAL FINANCIAL STATEMENT OF MUNICIPALITY. |
|---|
| 18 | 18 | | (a) The governing body of a municipality shall prepare an annual |
|---|
| 19 | 19 | | financial statement showing, for each fund subject to the authority |
|---|
| 20 | 20 | | of the governing body during the municipality's fiscal year: |
|---|
| 21 | 21 | | (1) the total receipts of the fund, itemized by source |
|---|
| 22 | 22 | | of revenue, including taxes, assessments, service charges, grants |
|---|
| 23 | 23 | | of state money, gifts, or other general sources from which funds are |
|---|
| 24 | 24 | | derived; |
|---|
| 25 | 25 | | (2) the total disbursements of the fund, itemized by |
|---|
| 26 | 26 | | the nature of the expenditure; and |
|---|
| 27 | 27 | | (3) the balance in the fund at the close of the fiscal |
|---|
| 28 | 28 | | year. |
|---|
| 29 | 29 | | (b) The governing body of a municipality shall submit the |
|---|
| 30 | 30 | | financial statement prepared under Subsection (a) to the |
|---|
| 31 | 31 | | comptroller not later than two months after the end of the |
|---|
| 32 | 32 | | municipality's fiscal year. The comptroller shall post the |
|---|
| 33 | 33 | | financial statement on the comptroller's Internet website on a web |
|---|
| 34 | 34 | | page that is easily located by searching the name of the |
|---|
| 35 | 35 | | municipality on the Internet. The comptroller shall adopt rules |
|---|
| 36 | 36 | | necessary to implement this subsection. |
|---|
| 37 | 37 | | SECTION 3. This Act takes effect September 1, 2025. |
|---|