Michigan Laws 18.1350c – Prohibited expenditures; amount withdrawn from countercyclical budget and economic stabilization fund considered surplus
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(1) Expenditures of state government which exceed the sum of the following amounts shall not be incurred in any fiscal year:
(i) The revenue limit established in section 350b.
Terms Used In Michigan Laws 18.1350c
- 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.
- 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
(ii) A surplus from a previous year.
(iii) Federal aid.
(iv) Taxes imposed for the payment of principal and interest on bonds, approved by the voters and authorized under section 15 of article IX of the state constitution of 1963 .
(v) Loans to school districts authorized under section 16 of article IX of the state constitution of 1963.
(vi) The dollar amount of an emergency established pursuant to section 27 of article IX of the state constitution of 1963.
(vii) Other amounts excluded from the calculation of the revenue limit under the definition established in section 350a.
(2) For the purposes of this section, an amount withdrawn from the countercyclical budget and economic stabilization fund created pursuant to section 351 shall be considered a surplus.