Bill > HB1673

This bill requires municipalities in Texas to prepare and submit an annual financial statement to the state comptroller, which must detail the total receipts and disbursements for each fund under the municipality's control. Specifically, the financial statement must break down revenue sources (such as taxes, assessments, service charges, state grants, and gifts) and expenditures by their nature, and include the fund balance at the end of the fiscal year. Municipalities must submit this statement within two months of their fiscal year's end, and the comptroller is obligated to post these financial statements on their website in a easily searchable format. The bill also updates the heading of Chapter 103 in the Local Government Code to include "Disclosure" alongside "Audit" of municipal finances, reflecting the new transparency requirements. The provisions of this bill will take effect on September 1, 2025, giving municipalities time to prepare for the new reporting requirements.

Government Affairs

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HB1673