HB1673 - Relating to the publication of annual financial statements by a municipality.

  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.