1. (a) The chief administrative officer shall prepare an annual budget for approval by the board.

2. (b) The proposed budget must contain a complete financial statement of:

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

Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.