Texas HB1673 mandates municipalities to prepare and submit annual financial statements to the comptroller.

Texas HB1673 requires the governing body of a municipality to prepare an annual financial statement for each fund under its authority. This statement must detail total receipts, itemized by source, total disbursements, itemized by expenditure nature, and the fund balance at fiscal year-end. The governing body must submit this statement to the comptroller within two months after the fiscal year's end. The comptroller is then required to post the statement on their website, ensuring it is easily accessible by searching the municipality's name. The bill takes effect September 1, 2025.

Texas HB1673 mandates municipalities to prepare and submit annual financial statements to the comptroller.

Texas HB1673 requires the governing body of a municipality to prepare an annual financial statement for each fund under its authority. This statement must detail total receipts, itemized by source, total disbursements, itemized by expenditure nature, and the fund balance at fiscal year-end. The governing body must submit this statement to the comptroller within two months after the fiscal year's end. The comptroller is then required to post the statement on their website, ensuring it is easily accessible by searching the municipality's name. The bill takes effect September 1, 2025.