Texas Water Code 49.198 – Audit Report Exemption
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(a) A district may elect to file annual financial reports with the executive director in lieu of the district’s compliance with § 49.191 provided:
(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, 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) The annual financial report must be accompanied by an affidavit attesting to the accuracy and authenticity of the financial report signed by a duly authorized representative of the district.
Terms Used In Texas Water Code 49.198
- 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.
- 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.
- 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 in a format prescribed by the executive director must be on file with the executive director within 45 days after the close of the district’s fiscal year.
(d) Districts governed by this section are subject to periodic audits by the executive director.