The State of Texas requires independent financial audits to be performed annually for utility districts.
Utility districts in the State of Texas have fiscal year ends almost every month of the year depending on the district, but the most predominant fiscal year end is September 30 to coincide with the property tax calendar.
Audit Filing Deadline
The Texas Commission on Environmental Quality requires audited annual financial reports to be submitted to the applicable agencies within 135 days of fiscal year end. The audit must be certified by the auditor and approved by the governing body prior to submission. Also, most grantor agencies have filing requirements. Similarly, many debt issues have continuing disclosure requirements which normally require financial statements to be filed with the repository within six months of the fiscal year end. Utility districts are required by the Office of Management and Budget (OMB) Circular A-133 to file annual financial reports, single audit reports, and the data collection form by the earlier of 30 days after the date of the audit report or nine months after the fiscal year end under audit.