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A BILL TO BE ENTITLED
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AN ACT
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relating to the publication of annual financial statements by a |
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municipality. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Chapter 103, Local Government |
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Code, is amended to read as follows: |
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CHAPTER 103. AUDIT AND DISCLOSURE OF MUNICIPAL FINANCES |
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SECTION 2. Chapter 103, Local Government Code, is amended |
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by adding Section 103.005 to read as follows: |
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Sec. 103.005. ANNUAL FINANCIAL STATEMENT OF MUNICIPALITY. |
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(a) The governing body of a municipality shall prepare an annual |
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financial statement showing, for each fund subject to the authority |
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of the governing body during the municipality's fiscal year: |
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(1) the total receipts of the fund, itemized by source |
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of revenue, including taxes, assessments, service charges, grants |
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of state money, gifts, or other general sources from which funds are |
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derived; |
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(2) the total disbursements of the fund, itemized by |
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the nature of the expenditure; and |
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(3) the balance in the fund at the close of the fiscal |
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year. |
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(b) The governing body of a municipality shall submit the |
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financial statement prepared under Subsection (a) to the |
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comptroller not later than two months after the end of the |
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municipality's fiscal year. The comptroller shall post the |
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financial statement on the comptroller's Internet website on a web |
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page that is easily located by searching the name of the |
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municipality on the Internet. The comptroller shall adopt rules |
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necessary to implement this subsection. |
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SECTION 3. This Act takes effect September 1, 2023. |