Michigan Laws 120.128 – Annual report; audit
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Terms Used In Michigan Laws 120.128
- Authority: means a port authority created under this act and may also include the area within the jurisdiction of an authority. See Michigan Laws 120.102
- Constituent unit: means a city or county requesting the incorporation of an authority. See Michigan Laws 120.102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
An authority shall make an annual report of its activities within 3 months after the close of its fiscal year to the governor and to the governing body of each constituent unit. The report shall include a complete operating and financial statement covering its operations during the year. The authority shall cause an audit of its books and accounts to be made at least once each year by a certified public accountant, with the cost to be treated as an operation expense.