(a) The commissioner shall develop, as part of the system, a reporting procedure under which:
(1) each school district is required to prepare and distribute an annual financial management report; and
(2) the public is provided an opportunity to comment on the report at a hearing.
(b) The annual financial management report must include:
(1) a description of the district’s financial management performance based on a comparison, provided by the agency, of the district’s performance on the indicators adopted under § 39.082(b) to:
(A) state-established standards; and
(B) the district’s previous performance on the indicators; and
(2) any descriptive information required by the commissioner.

(c) The report may include:
(1) information concerning the district’s:
(A) financial allocations;
(B) tax collections;
(C) financial strength;
(D) operating cost management;
(E) personnel management;
(F) debt management;
(G) facility acquisition and construction management;
(H) cash management;
(I) budgetary planning;
(J) overall business management;
(K) compliance with rules; and
(L) data quality; and
(2) any other information the board of trustees determines to be necessary or useful.
(d) The board of trustees of each school district shall hold a public hearing on the report. The board shall give notice of the hearing to owners of real property in the district and to parents of district students. In addition to other notice required by law, notice of the hearing must be provided:
(1) to a newspaper of general circulation in the district; and
(2) through electronic mail to media serving the district.
(e) After the hearing, the report shall be disseminated in the district in the manner prescribed by the commissioner.