Bill Text: TX SB1652 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the fiscal transparency and accountability of certain entities responsible for public money.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-04-04 - Referred to s/c on Fiscal Matters by Chair [SB1652 Detail]
Download: Texas-2013-SB1652-Introduced.html
83R8805 TJB-D | ||
By: Williams | S.B. No. 1652 |
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relating to the fiscal transparency and accountability of certain | ||
entities responsible for public money. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 51.005, Education Code, is amended to | ||
read as follows: | ||
Sec. 51.005. ANNUAL FINANCIAL REPORT [ |
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institution of higher education shall: | ||
(1) prepare a complete annual financial report as | ||
prescribed by Section 2101.011, Government Code; and | ||
(2) post the institution's most recent annual | ||
financial report continuously on the institution's Internet | ||
website. | ||
(b) Each institution of higher education that is a component | ||
of a university system shall include in its annual financial report | ||
a description of any debt issued by the university system for or on | ||
behalf of the institution during the fiscal year covered by the | ||
report. In this subsection, "university system" has the meaning | ||
assigned by Section 61.003. | ||
SECTION 2. Subchapter B, Chapter 403, Government Code, is | ||
amended by adding Section 403.0117 to read as follows: | ||
Sec. 403.0117. LOCAL TAX RATES PUBLISHED ON INTERNET. (a) | ||
The comptroller shall publish on the comptroller's Internet | ||
website, listed by county: | ||
(1) the name of each political subdivision that | ||
imposes a sales and use tax and the sales and use tax rate for the | ||
political subdivision; and | ||
(2) the tax rate information reported to the | ||
comptroller by each county assessor-collector under Section | ||
26.16(e), Tax Code. | ||
(b) The comptroller shall update the information described | ||
by Subsection (a) at least annually. | ||
SECTION 3. Section 1202.008, Government Code, is amended to | ||
read as follows: | ||
Sec. 1202.008. COLLECTION AND REPORT OF INFORMATION ON | ||
LOCAL [ |
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this section, "local security" has the meaning assigned by Section | ||
1231.001. | ||
(b) In reviewing local [ |
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chapter, the attorney general shall [ |
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required by the Bond Review Board, information on each local | ||
security [ |
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(c) [ |
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(1) the terms of each local security [ |
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(2) the debt service payable on each local security | ||
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(3) other information required by the Bond Review | ||
Board. | ||
(d) [ |
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to the Bond Review Board for inclusion in the reports required by | ||
Sections [ |
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1231.062, 1231.104, and 1231.105. | ||
(e) The attorney general may not approve a local security | ||
under Section 1202.003 until the attorney general receives written | ||
notification from the bond finance office at the Bond Review Board | ||
that the office: | ||
(1) has received the information required by | ||
Subsection (c); or | ||
(2) has agreed to a later date for the submission of | ||
the information. | ||
SECTION 4. The heading to Subtitle B, Title 9, Government | ||
Code, is amended to read as follows: | ||
SUBTITLE B. PROVISIONS APPLICABLE TO PUBLIC SECURITIES [ |
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SECTION 5. Section 1231.001, Government Code, is amended by | ||
adding Subdivision (4) to read as follows: | ||
(4) "Local security" means a public security as | ||
defined by Section 1201.002, other than a state security. | ||
SECTION 6. Section 1231.062(b), Government Code, is amended | ||
to read as follows: | ||
(b) A report must include: | ||
(1) total debt service as a percentage of total | ||
expenditures; | ||
(2) total debt [ |
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[ |
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(3) tax-supported debt [ |
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(4) [ |
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percentage of real property valuations; | ||
(5) [ |
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[ |
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five years, [ |
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20 years; | ||
(6) [ |
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[ |
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short-term notes; | ||
(7) [ |
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(8) [ |
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(9) debt outstanding [ |
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[ |
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and | ||
(10) [ |
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relevant. | ||
SECTION 7. The heading to Section 1231.102, Government | ||
Code, is amended to read as follows: | ||
Sec. 1231.102. STATE SECURITIES ANNUAL REPORT. | ||
SECTION 8. Subchapter F, Chapter 1231, Government Code, is | ||
amended by adding Sections 1231.104, 1231.105, and 1231.106 to read | ||
as follows: | ||
Sec. 1231.104. LOCAL SECURITIES ANNUAL REPORT. Not later | ||
than the 180th day after the end of each state fiscal year, the bond | ||
finance office shall publish a report listing: | ||
(1) the amount of local securities outstanding; | ||
(2) applicable repayment schedules; and | ||
(3) other information the office considers relevant. | ||
Sec. 1231.105. ONLINE ANNUAL LOCAL DEBT STATISTICS REPORT. | ||
Not later than the 150th day after the end of each state fiscal | ||
year, the bond finance office shall publish on the office's | ||
Internet website a report that includes the statistical information | ||
listed in Section 1231.062(b) for all local securities for the | ||
preceding fiscal year. | ||
Sec. 1231.106. REQUIRED INFORMATION. (a) An issuer of a | ||
local security shall provide annually to the bond finance office, | ||
and at other times required by the office, information that the | ||
office determines necessary to administer the powers or duties of | ||
the board or the office, including the preparation of any report. | ||
(b) The bond finance office shall develop a standardized | ||
format to simplify the submission of information by an issuer under | ||
this section. | ||
SECTION 9. Section 140.005, Local Government Code, is | ||
transferred to Subchapter D, Chapter 12, Education Code, | ||
redesignated as Section 12.1191, Education Code, and amended to | ||
read as follows: | ||
Sec. 12.1191 [ |
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CHARTER SCHOOL [ |
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of an [ |
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for each fund subject to the authority of the governing body during | ||
the fiscal year: | ||
(1) the total receipts of the fund, itemized by source | ||
of revenue, including taxes, assessments, service charges, grants | ||
of state money, gifts, or other general sources from which funds are | ||
derived; | ||
(2) the total disbursements of the fund, itemized by | ||
the nature of the expenditure; and | ||
(3) the balance in the fund at the close of the fiscal | ||
year. | ||
(b) The governing body of an open-enrollment charter school | ||
shall take action to ensure that the school's annual financial | ||
report is made available in the manner provided by Chapter 552, | ||
Government Code, and is posted continuously on the school's | ||
Internet website. | ||
(c) An open-enrollment charter school shall maintain an | ||
Internet website to comply with this section. | ||
SECTION 10. Chapter 140, Local Government Code, is amended | ||
by adding Section 140.008 to read as follows: | ||
Sec. 140.008. ANNUAL FINANCIAL REPORT; DEBT INFORMATION. | ||
(a) In this section: | ||
(1) "Debt obligation" means an issued public security, | ||
as defined by Section 1201.002, Government Code. | ||
(2) "Political subdivision" means a county, | ||
municipality, school district, junior college district, other | ||
special district, or other subdivision of state government. | ||
(b) A political subdivision shall prepare an annual | ||
financial report that includes: | ||
(1) financial information for each fund subject to the | ||
authority of the governing body of the political subdivision during | ||
the fiscal year, including: | ||
(A) the total receipts of the fund, itemized by | ||
source of revenue, including taxes, assessments, service charges, | ||
grants of state money, gifts, or other general sources from which | ||
funds are derived; | ||
(B) the total disbursements of the fund, itemized | ||
by the nature of the expenditure; | ||
(C) the balance in the fund as of the last day of | ||
the fiscal year; and | ||
(D) any other information required by law to be | ||
included by the political subdivision in an annual financial report | ||
or comparable annual financial statement, exhibit, or report; and | ||
(2) then-current debt obligation information for the | ||
political subdivision that must state: | ||
(A) as a total amount and as a per capita amount: | ||
(i) the amount of all authorized debt | ||
obligations; | ||
(ii) the principal of all outstanding debt | ||
obligations; | ||
(iii) the principal of each outstanding | ||
debt obligation; | ||
(iv) the combined principal and interest | ||
required to pay all outstanding debt obligations on time and in | ||
full; and | ||
(v) the combined principal and interest | ||
required to pay each outstanding debt obligation on time and in | ||
full; and | ||
(B) for each debt obligation: | ||
(i) the issued and unissued amount; | ||
(ii) the spent and unspent amount; | ||
(iii) the maturity date; and | ||
(iv) the stated purpose for which the debt | ||
obligation was authorized. | ||
(c) The governing body of a political subdivision shall take | ||
action to ensure that: | ||
(1) the political subdivision's annual financial | ||
report is made available for inspection by any person and is posted | ||
continuously on the political subdivision's Internet website; and | ||
(2) the contact information for the main office of the | ||
political subdivision is continuously posted on the website, | ||
including the physical address, the mailing address, the main | ||
telephone number, and an e-mail address. | ||
(d) A political subdivision shall maintain an Internet | ||
website to comply with this section. | ||
SECTION 11. The heading to Section 26.16, Tax Code, is | ||
amended to read as follows: | ||
Sec. 26.16. REPORTING OF TAX RATES AND POSTING OF [ |
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RATES ON COUNTY'S INTERNET WEBSITE. | ||
SECTION 12. Section 26.16, Tax Code, is amended by amending | ||
Subsections (a), (b), and (e) and adding Subsection (f) to read as | ||
follows: | ||
(a) The county assessor-collector for each county, | ||
including those that do not participate in the assessment or | ||
collection of property taxes, shall maintain [ |
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Internet website. The county assessor-collector shall post on the | ||
website [ |
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recent five tax years beginning with the 2012 tax year for each | ||
taxing unit all or part of the territory of which is located in the | ||
county: | ||
(1) the adopted tax rate; | ||
(2) the maintenance and operations rate; | ||
(3) the debt rate; | ||
(4) the effective tax rate; | ||
(5) the effective maintenance and operations rate; and | ||
(6) the rollback tax rate. | ||
(b) Each taxing unit [ |
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described by Subsection (a) pertaining to the taxing unit to the | ||
county assessor-collector of each county in which all or part of the | ||
unit's territory is located [ |
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tax rate by the taxing unit for the current tax year. The chief | ||
appraiser of the appraisal district established in the county may | ||
assist the county assessor-collector in identifying the taxing | ||
units required to provide information to the assessor-collector. | ||
(e) The county assessor-collector for each county shall | ||
report the tax rate information described by Subsection (a) for the | ||
current tax year to the comptroller. | ||
(f) The comptroller by rule shall prescribe the time and | ||
manner in which the information described by this section is | ||
required to be reported and published [ |
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SECTION 13. Section 140.006, Local Government Code, is | ||
repealed. | ||
SECTION 14. (a) The governing body of a school district | ||
or junior college district required to publish an annual financial | ||
statement under former Section 140.006, Local Government Code, | ||
shall publish an annual financial statement for the last fiscal | ||
year ending before the effective date of this Act for which the | ||
district has not published an annual financial statement. | ||
(b) Section 140.008, Local Government Code, as added by this | ||
Act, applies only to an annual financial report for a fiscal year | ||
ending on or after the effective date of this Act. An annual | ||
financial report for a fiscal year ending before the effective date | ||
of this Act is governed by the law in effect when the fiscal year | ||
ended, and the former law is continued in effect for that purpose. | ||
SECTION 15. This Act takes effect September 1, 2013. |