Financial Transparency

(Local Government Code, §140.008)

A political subdivision, including a school district, is to post an annual report that discloses information on outstanding debt and for each debt obligation, in addition to other specified fiscal information. The district is also required to disclose per capital debt information. The district’s credit rating is to be reported in addition to any other information considered to be relevant or necessary to explain the amounts disclosed by the district. Section 140.008, Local Government Code, is specific about what debt and fiscal related information is required to be disclosed. Also, the Comptroller of Public Accounts is authorized to implement rules relating to select statutory provisions. HB 1378, 84th Legislative Session.