Texas Local Government Code 344.206 – Limitations On Expenditures and Investments
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(a) The district may spend money only for an expense included in the annual budget or an amendment to the budget.
(b) A district may not incur a debt payable from revenues of the district other than the revenues on hand or to be on hand in the current or immediately following fiscal year of the district.
Terms Used In Texas Local Government Code 344.206
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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 board may not invest district money in funds or securities other than those specified by Chapter 2256, Government Code.