89R5078 DRS-D
By: Schatzline H.B. No. 1673
A BILL TO BE ENTITLED
AN ACT
relating to the publication of annual financial statements by a
municipality.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. The heading to Chapter 103, Local Government
Code, is amended to read as follows:
CHAPTER 103. AUDIT AND DISCLOSURE OF MUNICIPAL FINANCES
SECTION 2. Chapter 103, Local Government Code, is amended
by adding Section 103.005 to read as follows:
Sec. 103.005. ANNUAL FINANCIAL STATEMENT OF MUNICIPALITY.
(a) The governing body of a municipality shall prepare an annual
financial statement showing, for each fund subject to the authority
of the governing body during the municipality's 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 a municipality shall submit the
financial statement prepared under Subsection (a) to the
comptroller not later than two months after the end of the
municipality's fiscal year. The comptroller shall post the
financial statement on the comptroller's Internet website on a web
page that is easily located by searching the name of the
municipality on the Internet. The comptroller shall adopt rules
necessary to implement this subsection.
SECTION 3. This Act takes effect September 1, 2025.