1. (a) Before the adoption of the district's annual tax rate, the president of the board must prepare, or have prepared, and the board must approve a budget to cover all proposed expenditures of the district for the succeeding tax year.

2. (b) The budget must:

   1. (1) be itemized to make as clear as practicable a comparison between the expenditures included in the proposed budget and the actual expenditures for the same or similar purposes for the preceding tax year;
   2. (2) show as definitely as possible each project for which appropriations are included in the budget and the estimated amount of money included in the budget for each project; and

   3. (3) contain a complete financial statement of the district showing:

      1. (A) all outstanding obligations;
      2. (B) the cash on hand to the credit of each fund;
      3. (C) the money received from all sources during the preceding year;
      4. (D) the money available from all sources during the succeeding year;
      5. (E) the estimated revenue available to cover the proposed budget; and
      6. (F) the estimated tax rate required for the succeeding tax year.

Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.