Texas Local Government Code 324.097 – Financial Statement; Budget
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(a) On or before February 1 of each year, the board shall prepare and file with the officer responsible for the county budget a complete financial statement showing the financial status of the district and the district’s properties, funds, and indebtedness.
(b) The financial statement must be prepared in accordance with standards adopted by the Government Accounting Standards Board and must show separately all information concerning:
(1) revenue bonds, the income from pledged facilities, and expenditures of that revenue;
(2) leases, promissory notes, and other indebtedness of the district; and
(3) fee and tax revenue of the district.
Terms Used In Texas Local Government Code 324.097
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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) At the time the financial statement is filed, the board shall file with the commissioners court a proposed budget of its needs for the next fiscal year. The proposed budget shall include items that:
(1) the board is unable to finance from the district’s revenues, including revenues from facilities of which the income is pledged to revenue bonds; and
(2) the board requests purchase of with county funds.
(d) The officer responsible for the county budget shall include the district’s proposed budget on the calendar for the next regularly scheduled meeting of the commissioners court. As part of the county’s tentative budget, the items certified by the board are subject to state law relating to county budgets.
(e) The county auditor may conduct a general audit and issue a financial statement of the district at times the auditor considers appropriate.
(f) The board shall operate the parks and facilities under its control for which revenues are pledged to the payment of revenue bonds in a manner that will produce gross revenues sufficient to pay the operation and maintenance expenses of the parks and facilities without seeking from the commissioners court the appropriation of additional money for expenses.