Michigan Laws 125.990i – Audit
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Terms Used In Michigan Laws 125.990i
- Assessment: means an assessment imposed under this chapter against assessable property for the benefit of the property owners. See Michigan Laws 125.990
- Assessment revenues: means the money collected by a business improvement zone from any assessments, including any interest on the assessments. See Michigan Laws 125.990
- Board: means the board of directors of a business improvement zone. See Michigan Laws 125.990
- Business improvement zone: means a business improvement zone created under this chapter. See Michigan Laws 125.990
- 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.
- Project: means any activity for the benefit of property owners authorized by section 10a to enhance the business environment within a zone area. See Michigan Laws 125.990
- Property owner: means a person who owns, or an agent authorized in writing by a person who owns, assessable property according to the records of the treasurer of the city or village in which the business improvement zone is located. See Michigan Laws 125.990
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
- Zone plan: means a set of goals, strategies, objectives, and guidelines for the operation of a business improvement zone. See Michigan Laws 125.990
(1) Expenses incurred in implementing any project or service of a business improvement zone shall be financed in accordance with the zone plan.
(2) Assessment revenues under section 10h are the funds of the business improvement zone and not funds of the state or of the city or village in which the business improvement zone is located. All money collected under section 10h shall be deposited in a financial institution in the name of the business improvement zone. Assessment revenues may be deposited in an interest generating account. The business improvement zone shall use the funds only to implement the zone plan.
(3) All expenditures by a business improvement zone shall be audited annually by a certified public accountant. The audit shall be completed within 9 months of the close of the fiscal year of the business improvement zone. Within 30 days after completion of an audit, the certified public accountant shall transmit a copy of the audit to the board and make copies of the audit available to the property owners and the public.
(4) If an annual audit required by this section contains material exceptions, the board of the business improvement zone shall within 90 days of the delivery of the audit adopt a plan to remedy the exceptions and forward a copy of that plan to the city or village in which the business improvement zone is located.
(5) The board shall publish an annual activity and financial report. The report shall be available to the public. Each year, every property owner shall be notified of the availability of the annual activity and financial report.
(6) As used in this section, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office located in this state under the laws of this state or of the United States.