(a) On or before August 1 of each year, the director shall file with the board a proposed annual budget for the housing finance division for the succeeding fiscal year.
(b) The budget shall state:
(1) the general categories of expected expenditures from revenues and income of the housing finance division;
(2) the amount of expected expenditures for each category;
(3) expected operating expenses of the housing finance division; and
(4) the proposed use of projected year-end unencumbered balances.

Terms Used In Texas Government Code 2306.112

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Succeeding: means immediately following. See Texas Government Code 312.011
  • Year: means 12 consecutive months. See Texas Government Code 311.005

(c) The budget may include a provision or reserve for contingencies or overexpenditures.

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