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

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

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

Added by Acts 1985, 69th Leg., ch. 734, Sec. 1, eff. Sept. 1, 1985.