The bill, H.B. No. 1673, amends Chapter 103 of the Local Government Code to enhance the transparency of municipal finances by requiring municipalities to prepare and publish annual financial statements. The new section, 103.005, mandates that the governing body of a municipality create a detailed financial statement for each fund under its authority during the fiscal year. This statement must include total receipts itemized by source, total disbursements itemized by expenditure type, and the fund balance at the end of the fiscal year.

Additionally, the bill stipulates that municipalities must submit these financial statements to the comptroller within two months after the fiscal year ends. The comptroller is then required to post these statements on their website in a manner that is easily accessible to the public. This legislation aims to improve accountability and public access to municipal financial information, with the new provisions taking effect on September 1, 2025.

Statutes affected:
Introduced: ()