On Thursday, April 23, 2015, House Bill 1378, by Dan Flynn, containing financial and debt-related transparency provisions passed 139 to 0. The bill proposes to require school districts and other political subdivisions to prepare an annual financial report that includes certain financial information for each fund subject to the authority of the governing body during the fiscal year; certain debt obligation information for the as of the last day of the preceding fiscal year, including outstanding debt per capita; and any other information that the political subdivision considers relevant or necessary to explain the values of the debt obligations. The bill specifies in detail the financial information that must be stated in the annual financial report. The bill would prohibit a governing body of certain political subdivisions from authorizing a certificate to pay a contractual obligation, if an issuance of bonds for the same purpose failed to be approved by voters within the preceding three years with certain exceptions specified in the law, including an emergency. The bill would also require a charter school to publish its annual financial statement on its website and to ensure this information is continuously available on the Internet.
To access the text to House Bill 1378, click on the link below.
http://www.capitol.state.tx.us/BillLookup/Text.aspx?LegSess=84R&Bill=HB1378