HBA-MPM H.B. 2759 77(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 2759 By: Smith Public Education 4/9/2001 Introduced BACKGROUND AND PURPOSE Current law requires school districts to file a copy of their annual audited financial report with the Texas Education Agency (TEA) by the 120th day after the end of the fiscal year. State law also requires state agencies to use uniform accounting and financial reporting procedures that comply with generally accepted accounting principles established by the Governmental Accounting Standards Board (GASB) and the American Institute of Certified Public Accountants. Beginning with the 2001-2002 school year, districts will be required to report under new revised guidelines promulgated by GASB in Statement 34. The revisions set forth in Statement 34 are extensive and will bring major changes to the reporting of public school financing. This new method of reporting will require districts to provide a more comprehensive report based on additional information acquired by the district, thereby creating a need for more preparation time. An additional 30 days would give districts extra time to complete and file the revised annual audited financial report. House Bill 2759 requires a school districts to file its report with TEA on the 150th day rather than the 120th day after the end of the fiscal year. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Bill 2759 amends the Education Code to require a school district to file its annual report with the Texas Education Agency no later than the 150th day rather than the 120th day after the end of the fiscal year for which the audit was made. EFFECTIVE DATE September 1, 2001. The Act applies beginning with the annual audit of school districts for the 2001-2002 school year.