Texas Government Code 802.103 – Annual Financial Report
(a) The governing body of a public retirement system shall publish an annual financial report showing the financial condition of the system as of the last day of the fiscal year covered in the report. The report must include:
(1) the financial statements and schedules examined in the most recent audit performed as required by Section 802.102;
(2) a statement of opinion by the certified public accountant as to whether or not the financial statements and schedules are presented fairly and in accordance with generally accepted accounting principles;
(3) a listing, by asset class, of all direct and indirect commissions and fees paid by the retirement system during the system’s previous fiscal year for the sale, purchase, or management of system assets; and
(4) the names of investment managers engaged by the retirement system.
(b) The governing body of a public retirement system shall, before the 211th day after the last day of the fiscal year under which the system operates, file with the State Pension Review Board a copy of each annual financial report it makes as required by law.
Terms Used In Texas Government Code 802.103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 1152 (S.B. 200), Sec. 17, eff. September 1, 2013, and Ch. 1316 (S.B. 220), Sec. 4.01(1), eff. June 14, 2013.
(d) A general audit of a governmental entity, as defined by Section 802.1012, does not satisfy the requirement of this section.
(e) The board may adopt rules necessary to implement this section.