FINANCIAL INFORMATION REQUIRED OF STATE AGENCIES.

(a) In this section:

(1) "Annual financial report" means the annual financial report required by this section.

(2) "Appropriated money" means money appropriated by the legislature under the General Appropriations Act or other law.

(3) "Institution of higher education" has the meaning assigned by Section 61.003, Education Code.

(b) Except as provided by Subsections (b-1) and (b-2), not later than November 1 of each year, a state agency shall submit an annual financial report regarding the agency's use of appropriated money during the preceding fiscal year to:

(1) the governor;

(2) the comptroller;

(3) the Legislative Reference Library;

(4) the state auditor; and

(5) the Legislative Budget Board.

(b-1) An institution of higher education shall submit the annual financial report described by Subsection (b) not later than November 20 of each year.

(b-2) A state agency may submit an audited financial report in place of the report described by Subsection (b). An audited financial report must be submitted not later than December 15 of each year.

(c) A state agency's annual financial report must include information on all assets, liabilities, and fund balances, including:

(1) cash on hand and on deposit in banks and accounts in the state treasury;

(2) the value of the agency's inventory of movable equipment and other fixed assets;

(3) an itemization of the investments, bonds, notes, and other securities owned by any special funds under the agency's jurisdiction, including the amount and value of the securities;

(4) all money due the agency from any source;

(5) all outstanding commitments of the agency, including amounts due for services or goods received by the agency;

(6) a summary by source of all revenue collected or accruing through the agency;

(7) a summary of all appropriations, expenditures, bona fide encumbrances, and other disbursements by the agency; and

(8) any other financial information requested by the comptroller.

(d) The comptroller may require the reporting of the financial information for any entity that the comptroller determines is a component unit of a statewide reporting entity in accordance with generally accepted accounting principles as prescribed or modified by the Governmental Accounting Standards Board or its successors.