Michigan Laws 18.1495 – Report on state’s current financial situation; publish; contents required
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Terms Used In Michigan Laws 18.1495
- 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
(1) Within 9 months after the end of the fiscal year, the state budget director shall publish on the internet a report that communicates the state’s current financial situation in an easy-to-understand report.
(2) At a minimum, the report will contain information on no less than the most recent 5 years of data for each of the following:
(a) Total state revenues and expenditures.
(b) Total general fund/general purpose revenues and expenditures.
(c) Total school aid fund revenues and expenditures.
(d) The unrestricted fund balance for the general fund and school aid fund.
(e) Total outstanding state debt by major type.
(f) Total unfunded pension and other postemployment benefit obligations for each of the following retirement systems:
(i) The state employees’ retirement act, 1943 PA 240, MCL 38.1 to 38.69.
(ii) The public school employees retirement act of 1979, 1980 PA 300, MCL 38.1301 to 38.1437.
(iii) The judges retirement act of 1992, 1992 PA 234, MCL 38.2101 to 38.2670.
(iv) The state police retirement act of 1986, 1986 PA 182, MCL 38.1601 to 38.1648.
(v) The Michigan legislative retirement system act, 1957 PA 261, MCL 38.1001 to 38.1080.
(g) Total revenues by major source, including taxes and federal grants.
(h) Total expenditures by major spending category.
(i) The number of state employees by department.
(j) Basic economic information for this state, including per-capita income, nonfarm payroll employment, and the unemployment rate.