Michigan Laws 125.4419 – Preparation and submission of budget; manner; approval; cost of handling and auditing funds
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.4419
- Authority: means a local development finance authority created pursuant to this part. See Michigan Laws 125.4402
- Board: means the governing body of an authority. See Michigan Laws 125.4402
- Governing body: means , except as otherwise provided in this subdivision, the elected body having legislative powers of a municipality creating an authority under this part. See Michigan Laws 125.4402
- Municipality: means a city, village, or urban township. See Michigan Laws 125.4402
(1) The director of the authority shall prepare and submit for the approval of the board a budget for the operation of the authority for the ensuing fiscal year. The budget shall be prepared in the manner and contain the information required of municipal departments. Before the budget may be adopted by the board, it shall be approved by the governing body. Funds of the municipality shall not be included in the budget of the authority except those funds authorized in this part or by the governing body.
(2) The governing body may assess a reasonable pro rata share of the funds for the cost of handling and auditing the funds against the funds of the authority, other than those committed for designated purposes, which cost shall be paid annually by the board pursuant to an appropriate item in its budget.