Finance

The Glenn Steil State Revenue Sharing Act of 1971, 1971 Public Act (PA) 140, Section 21(2), states that units of local government (local units) who end their fiscal year in a deficit condition shall formulate a deficit elimination plan (plan).

• Deficit Elimination Plan Guidance
• Deficit Elimination Plan Video Library
• Deficit Elimination Plan Upload
• Michigan Government Finance Officers Association (MGFOA)

Public Act 34 of 2001 provides guidance relative to the borrowing of money and the issuance of certain debt and securities; to provide for tax levies and sinking funds; to prescribe powers and duties of certain departments, state agencies, officials, and employees; to impose certain duties, requirements, and filing fees upon political subdivisions of this state; to authorize the issuance of certain debt and securities; to prescribe penalties; and to repeal acts and parts of acts.

• Borrowing Process Flowchart
• Municipal Finance Video Library
• Debt Limit Calculation
• Qualifying Statement Guidance
• Prior Approval Application Guidance Bulletins 8, 9, 10
• Expedited Prior Approval Applications
• Rating Exemption Flowchart
• Security Report Guidance
• Security Report Upload
• Bulletins
• Michigan Government Finance Officers Association (MGFOA)
• Michigan School Business Officials (MSBO)
• Electronic Municipal Market Access (EMMA)

Public Act 451 of 1976 Section 1351a and Section 1212 require a school district that issues bonds or levies a sinking fund tax to have an independent audit, using generally accepted accounting standards.

• Bonded Construction Fund and Sinking Fund Audit Guidance
• Annual Audit Filing Guidance (School Districts, Public School Academies, Intermediate School Districts)
• Michigan School Business Officials (MSBO)