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<br />80R9368 MXM-F <br /> <br />By: Truitt <br /> <br />4 <br />k <br /> <br />H.B. No. 2365 <br /> <br />A BILL TO BE ENTITLED <br /> <br />AN ACT <br /> <br />relating to financial accounting and reporting for this state and <br /> <br />political subdivisions of this state. <br /> <br />BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: <br /> <br />SECTION 1. The legislature finds that: <br /> <br />(1) state and local governments provide essential <br /> <br />services funded by statutorily authorized taxes and fees and not by <br /> <br />cost recovery-based rate or price models; <br /> <br />(2) state and local government operations derive <br /> <br />authority from and are regulated by the Texas and federal <br /> <br />constitutions and statutes; and <br /> <br />~ <br />(3) financial a~counting and reporting should accurately <br /> <br />reflect government acti vi ties and not mislead or misinform the <br /> <br />public. <br /> <br />SECTION 2. Subtitle F, Title 10, Government Code, is amended <br /> <br />by adding Chapter 2264 to read as follows: <br /> <br />CHAPTER 2264. FINANCIAL ACCOUNTING AND REPORTING <br /> <br />SUBCHAPTER A. GENERAL PROVISIONS <br /> <br />Sec. 2264.001. APPLICABILITY. This chapter applies to this <br /> <br />state and to each political subdivision of this state. <br /> <br />Sec. 2264.002. APPLICABILITY TO COMPONENT UNITS. <br /> <br />To the <br /> <br />Page - 1 - <br />