Texas Government Code 855.312 – Expense Fund
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(a) The board of trustees shall deposit in the expense fund municipality contributions for expenses of the retirement system paid in accordance with § 855.404.
(b) The board of trustees by resolution recorded in its minutes shall transfer from the interest reserve account of the endowment fund to the expense fund the amount that exceeds the amount needed to provide adequate reserves as provided by § 855.317 and that is needed to pay the system’s estimated expenses for the fiscal year.
Terms Used In Texas Government Code 855.312
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(c) The retirement system shall pay from the expense fund:
(1) administrative and maintenance expenses of the system; and
(2) notes and bonds issued in accordance with § 855.105.
(d) If the amount of the system’s estimated expenses exceeds the amount in the interest reserve account of the endowment fund available for administrative expenses, the board of trustees, by a resolution recorded in its minutes, shall assess an amount equal to the difference against each participating municipality in proportion to the number of its members in the retirement system. The board shall collect the assessments and deposit the amount collected in the expense fund.