Financially Distressed Cities, Villages and Townships (FDCVT)

Description

• Purpose:

  The purpose of the grant program is to provide grants to financially distressed cities, villages, or townships with one (1) or more conditions that indicate probable financial distress. Grant funding is to be used to pay for specific projects or services that move the city, village, or township toward financial stability.

  Eligibility:

  All Michigan cities, villages, or townships with one (1) or more conditions that indicate probable financial distress, as determined by the Michigan Department of Treasury.

  Criteria:

  • Michigan city, village, or township with one (1) or more conditions that indicate probable financial distress
  • A completed application with detailed information
  • The applicant must demonstrate how the budgeted costs will lead toward financial stability
  • Priority will be given to any applicant with two (2) or more conditions that indicate probable financial distress
  • Priority will be given to any applicant in which a financial emergency has been declared in the past ten years
  • Priority will be given to any applicant that has an approved Deficit Elimination Plan for the General Fund
  • Priority will be given to any applicant in which the fund balance of the General Fund has been declining over the past five (5) years and the fund balance is less than 3% of the General Fund Revenues

  Application Period:

  August 2017 through October 20, 2017

  FY 2018 Appropriation Amount Available:

  $5.0 million in funding will be available for the Michigan Department of Treasury to award. The Michigan Department of Treasury shall award no more than $2.0 million to any city, village, or township.

Understanding the Applications

• Financially Distressed Cities, Villages, and Townships (FDCVT) Application Tips, FY 2018