The 84th Texas Legislature passed HB 1378 to increase the transparency of local government debt, effective for the fiscal year ended after January 1, 2017. The following information is presented in compliance with Local Government Code § 140.008 for fiscal year ended September 30, 2017. This information must be updated annually within 180 days of the most recent fiscal year.
Each month, the City issues financial statements for the major operating funds, with analysis explaining the City’s monthly financial position. On a quarterly basis, expanded statements and analysis are prepared. These interim financial reports are unaudited, and are designed to provide the reader with a picture of the City’s current operating results with explanation of major variances, comparison of current results to prior year actual and the current year budget. These reports are prepared on a cash basis, with analysis designed to identify trends and keep the City’s management team and elected officials informed about financial activities.
These reports provide a narrative about current economic conditions, financial trends and the City’s monthly investment reports in compliance with the Public Funds Investment Act. A detailed analysis of sales tax revenue, one of the City’s largest revenue streams, is included as an appendix to the report.
Each report is normally available just after the end of the following month.
The City's financial policy guidance is set by Resolution. On June 5, 2018, City Council approved Resolution 18-18 adopting the revised Financial Management Policy Statements after months of discussion and revision.