The bill, H.B. No. 1673, proposes amendments to Chapter 103 of the Local Government Code regarding the publication of annual financial statements by municipalities in Texas. The heading of the chapter will be changed to include "AND DISCLOSURE OF MUNICIPAL FINANCES." Additionally, a new section, 103.005, will be added, which mandates that the governing body of a municipality must prepare an annual financial statement detailing the total receipts, total disbursements, and the balance of each fund at the end of the fiscal year.

Furthermore, the bill requires that this financial statement be submitted to the comptroller within two months after the fiscal year ends. The comptroller is tasked with posting the financial statements on their website in a manner that is easily accessible to the public. The comptroller will also have the authority to adopt rules necessary for the implementation of this new requirement. The provisions of this act are set to take effect on September 1, 2025.

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