Texas Special District Local Laws Code 3984.0316 – Audit Exemption
(a) The district may elect to complete an annual financial report in lieu of an annual audit under § 375.096(a)(6), Local Government Code, if:
(1) the district had no bonds or other long-term (more than one year) liabilities outstanding during the fiscal period;
(2) the district did not have gross receipts from operations, loans, taxes, assessments, or contributions in excess of $250,000 during the fiscal period; and
(3) the district’s cash and temporary investments were not in excess of $250,000 during the fiscal period.
(b) Each annual financial report prepared in accordance with this section must be open to public inspection and accompanied by an affidavit signed by a duly authorized representative of the district attesting to the accuracy and authenticity of the financial report.
Terms Used In Texas Special District Local Laws Code 3984.0316
- Affidavit: means a statement in writing of a fact or facts signed by the party making it, sworn to before an officer authorized to administer oaths, and officially certified to by the officer under his seal of office. See Texas Government Code 312.011
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) The annual financial report and affidavit shall be substantially similar in form to the annual financial report and affidavit forms prescribed by the executive director of the Texas Commission on Environmental Quality under § 49.198, Water Code.