State Budget Office
The Office of Financial Management (OFM) has overall responsibility for the state's accounting and payroll functions and related systems. The office is responsible for performing central accounting and payroll control activities, developing and issuing statewide accounting policies, advising state agencies on the application of generally accepted accounting principles and the use of the state accounting system, and monitoring compliance by agencies with state accounting policies. The office prepares the State of Michigan Comprehensive Annual Financial Report, W-2 statements for state employees, 1099 forms for state vendors, and other financial, payroll, and special purpose reports.
The Comprehensive Annual Financial Report is the offical audited financial statement for the State of Michigan.
Constitutional Limits Reports refers to state revenue limits (section 26) and local spending requirements (section 30).
Detailed Financial Schedules are final annual reports that provide revenue details at the object code level and spending details at the appropriated line item level.
Monthly Financial Reports are submitted to the Legislature, including state revenues, budget results, and opertaion information on certain funds. They are prepared pursuant to Act No. 8 of 1999.