(a) A financially dormant district is a district that had:
(1) $500 or less of receipts from operations, tax assessments, loans, contributions, or any other sources during the calendar year;
(2) $500 or less of disbursements of funds during the calendar year;
(3) no bonds or other long-term (more than one year) liabilities outstanding during the calendar year; and
(4) no cash or investments that exceeded $5,000 at any time during the calendar year.
(b) A financially dormant district may elect to submit to the executive director a financial dormancy affidavit instead of complying with the audit requirements of § 49.191.

Terms Used In Texas Water Code 49.197

  • 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.
  • Board: means the governing body of a district. See Texas Water Code 49.001
  • Director: means either a supervisor or director appointed or elected to the board. See Texas Water Code 49.001
  • District: means any district or authority created by authority of either Sections Texas Water Code 49.001
  • Executive director: means the executive director of the commission. See Texas Water Code 49.001
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Year: means 12 consecutive months. See Texas Government Code 311.005

(c) The annual financial dormancy affidavit shall be prepared in a format prescribed by the executive director and shall be submitted for filing by a duly authorized representative of the district.
(d) The affidavit must be filed annually on or before January 31 with the executive director until such time as the district becomes financially active and the board adopts a fiscal year; thereafter, the district shall file annual audit reports as prescribed by this subchapter.
(e) A district that becomes financially dormant after having been financially active shall be required to file annual financial dormancy affidavits on or before January 31, until the district is either dissolved or again becomes financially active.
(f) Districts governed by this section are subject to periodic audits by the executive director.

  Previous section
Next section  
 Subchapter G Contents