By: Estes S.B. No. 1361
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the audit report exemption for districts created
  pursuant to the Water Code.
         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.