CFA(LEGAL) -

Accounting System

Report of Revenues and Expenditures

Financial Statement

  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.

Publication

Annual Local Debt Report

  1. Regarding total authorized debt obligations:
    1. The amount of all authorized debt obligations;
    2. The principal of all outstanding debt obligations;
    3. The combined principal and interest required to pay all outstanding debt obligations on time and in full;
    4. The amount of all authorized debt obligations secured by property taxes;
    5. The principal of all outstanding debt obligations secured by property taxes;
    6. The combined principal and interest required to pay all outstanding debt obligations secured by property taxes on time and in full;
    7. The amount of all authorized debt obligations secured by property taxes expressed as a per capita amount;
    8. The principal of all outstanding debt obligations secured by property taxes expressed as a per capita amount;
    9. The combined principal and interest required to pay all outstanding debt obligations on time and in full for all obligations secured by property taxes expressed as a per capita amount; and
    10. The current credit rating on total debt obligations given by any nationally recognized credit rating organization.
  2. Regarding each authorized debt obligation:
    1. The principal of each outstanding debt;
    2. The principal of each outstanding debt obligation secured by property taxes expressed as a per capita amount;
    3. The combined principal and interest required to pay each outstanding debt obligation on time and in full;
    4. The combined principal and interest required to pay each outstanding debt obligation on time and in full expressed as a per capita amount;
    5. The issued and unissued amounts, the spent and unspent amounts, the maturity date and the stated purpose for which each debt obligation was authorized; and
    6. The current credit rating on each debt obligation given by any nationally recognized credit rating organization.
  3. Any other information considered relevant or necessary to explain the above required data elements, such as explanations of payment sources for different kinds of debt or projections of per capita amounts of ad valorem taxation-secured obligations as of the last day of the maximum term of the most recent debt obligation issued by the district.

Form

Reporting Requirement

  1. Submit via upload to the comptroller's internet website the completed Annual Local Debt Report Form provided by the comptroller and, if the district maintains an internet website, continually maintain a link from its website to the location on the comptroller's website where the district's financial information may be viewed; or
  2. Post the information required in an Annual Local Debt Report on the district's own internet website.
  1. This information is made available for inspection by any person and posted continuously on the district's website until the district posts the next year's annual debt information; and
  2. The main office is posted continuously on the website and such information includes a physical address, mailing address, main telephone number, and an email address.

Definitions

Financial Management Report

Report Requirements

  1. A copy of the superintendent's current employment contract or other written documentation of employment if no contract exists. This must disclose all compensation and benefits paid to the superintendent. The district may publish the superintendent's employment contract on the district's website instead of publishing it in the annual financial management report;
  2. A summary schedule for the fiscal year (12-month period) of expenditures paid on behalf of the superintendent and each board member and total reimbursements received by the superintendent and each board member. This includes transactions on a district's credit card(s), debit card(s), stored-value card(s), and any other similar instrument(s) to cover expenses incurred by the superintendent and each board member. The summary schedule must separately report reimbursements for meals, lodging, transportation, motor fuel, and other items. The summary schedule of total reimbursements should not include reimbursements for supplies and materials that were purchased for the operation of the district;
  3. A summary schedule for the fiscal year of the dollar amount of compensation and fees received by the superintendent from an outside school district or any other outside entity in exchange for professional consulting or other personal services. The schedule must separately report the amount received from each entity;
  4. A summary schedule for the fiscal year of the total dollar amount of gifts that had a total economic value of $250 or more received by the executive officers and board members.
    1. This reporting requirement applies only to:
      1. Gifts received by the district's executive officers and board members (and their immediate family as described by Government Code, Chapter 573, Subchapter B, Relationships by Consanguinity or by Affinity) from an outside entity that received payments from the district in the prior fiscal year, and
      2. Gifts from competing vendors that were not awarded contracts in the prior fiscal year.
    2. This reporting requirement does not apply to reimbursement by an outside entity for travel-related expenses when the purpose of the travel was to investigate matters directly related to an executive officer's or board member's duties or to investigate matters related to attendance at education-related conferences and seminars with the primary purpose of providing continuing education; however, this exclusion does not apply to trips for entertainment purposes or pleasure trips. This reporting requirement excludes an individual gift or a series of gifts from a single outside entity that had a total economic value of less than $250 per executive officer or board member;
  5. A summary schedule for the fiscal year of the dollar amount received by board members for the total amount of business transactions with the district. This reporting requirement is not to duplicate the items disclosed in the summary schedule of reimbursements received by board members; and
  6. Any other information the board of a district determines to be useful.

Public Hearing

Notice

  1. To a newspaper of general circulation in the geographic boundaries of the district in one posting prior to holding the public meeting, providing the time and place of the hearing. The notice in the newspaper may not be earlier than 30 days prior or later than ten days before the date of the hearing. If no newspaper is published in the county in which the district's central administration office is located, then the board must publish the notice in the county nearest to the county seat of the county in which the district's central administration office is located; and
  2. Through electronic mail to the mass communication media serving the district, including, but not limited to, radio and television.

Dissemination

Records Retention

Corrective Action Plan

Projected Deficit

Eustace ISD

CFA(LEGAL)-P

UPDATE 112

DATE ISSUED: 12/21/2018