What are the requirements for a governmental entity to have an audit?
A district is required to have an audit if:
1. The district has bonds or other long-term liabilities outstanding during the fiscal year.
2. The district has gross receipts from operations, loans, taxes, or contributions in excess of $250,000 during a fiscal period.
3. The district’s cash and temporary investments are in excess of $250,000 during the fiscal year.
What is the deadline for completing and submitting a district’s annual audit?
A district’s audit is required to be approved by the board of directors and filed with the Texas Commission on Environmental Quality (TCEQ) within 135 days after the close of the district’s fiscal year.
If the district has outstanding debt with the Texas Water Development Board (TWDB), the audit as approved by the board of directors must be submitted to the TWDB within 120 days after the close of the district’s fiscal year.
A district with outstanding bonds is required by the Securities and Exchange Commission to provide continuing disclosure of certain general financial information and operating data to each nationally recognized municipal securities information depository and the state information depository. This information, along with the audited annual financial statements, is to be provided within six months after the end of each fiscal year and shall continue to be provided through the life of the bonds.
What are the training requirements of an Investment Officer?
The investment officer must complete at least 6 hours of training within the first year of assuming the duties as the investment officer and at least 4 hours of additional investment training within each 2 year period after the first year. If you are an investment officer for an emergency services district, you are exempt from completing this training.
When is the MGSB PLLC Investment Training Seminar?
Our Investment Training Seminar is usually in October. Please contact our office for more information.