(a) The executive committee of an authority created by a contiguous municipality shall, not later than the 60th day before the beginning of the authority’s fiscal year, deliver to the governing body of the contiguous municipality a proposed budget for the authority’s fiscal year.
(b) The budget for the authority is not effective until the budget is approved by the governing body of the contiguous municipality. An approved budget is the budget for the authority for the fiscal year, and each change in the budget must be approved by the governing body of the contiguous municipality.

Terms Used In Texas Transportation Code 452.114

  • 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
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