Texas Transportation Code 172.252 – Annual Budget
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(a) Before beginning the operation of rail facilities, the board shall adopt an annual operating budget specifying the district’s anticipated revenue and expenses for the remainder of the fiscal year. The district shall adopt an operating budget for each succeeding fiscal year.
(b) The board must hold a public hearing before adopting each budget except the initial budget. Notice of the hearing must be published at least seven days before the date of the hearing in a newspaper of general circulation in the district.
Terms Used In Texas Transportation Code 172.252
- 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.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Succeeding: means immediately following. See Texas Government Code 312.011
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) A budget may be amended at any time if notice of the proposed amendment is given in the notice of meeting.
(d) An expenditure that is not budgeted may not be made.