1. (a) The board shall prepare and approve an annual budget.

2. (b) The budget must contain a complete financial statement, including a statement of the:

   1. (1) outstanding obligations of the district;
   2. (2) amount of cash on hand to the credit of each fund of the district;
   3. (3) amount of money received by the district from all sources during the previous year;
   4. (4) amount of money estimated to be available to the district from all sources during the ensuing year;
   5. (5) amount of the balances expected at the end of the year in which the budget is being prepared; and
   6. (6) estimated amount of revenues and balances available to cover the proposed budget.

Added by Acts 1989, 71st Leg., ch. 437, Sec. 1, eff. Aug. 28, 1989.