Michigan Laws 125.4625 – Budget; submission to board; preparation; approval; adoption; cost of handling and auditing funds
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.4625
- Authority: means a corridor improvement authority created under section 604(1) or a joint authority created under section 604(2). See Michigan Laws 125.4602
- Board: means the governing body of an authority. See Michigan Laws 125.4602
- 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.
- Fiscal year: means the fiscal year of the authority. See Michigan Laws 125.4602
- Municipality: means 1 of the following:
(i) A city. See Michigan Laws 125.4602
(1) The director of the authority shall submit a budget to the board for the operation of the authority for each fiscal year before the beginning of the fiscal year. The budget shall be prepared in the manner and contain the information required of municipal departments. After review by the board, the budget shall be submitted to the governing body. The governing body must approve the budget before the board may adopt the budget. Unless authorized by the governing body or this part, funds of the municipality shall not be included in the budget of the authority.
(2) The governing body of the municipality 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, which shall be paid annually by the board pursuant to an appropriate item in its budget.