Michigan Laws 285.256 – Annual report
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(1) The authority shall submit to the governor, the speaker of the house of representatives, and the majority leader of the senate not later than January 15 of each year, a complete report on the activities of the authority. The report shall include all of the following:
(a) A description of its operations and accomplishments.
Terms Used In Michigan Laws 285.256
- Agricultural land: means land suitable for use in farming. See Michigan Laws 285.252
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Michigan family farm development authority established in section 3. See Michigan Laws 285.252
- Beginning farmer: means an individual with a low or moderate net worth who engages in farming or wishes to engage in farming. See Michigan Laws 285.252
- Bonds: means bonds issued by the authority pursuant to this act. See Michigan Laws 285.252
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Majority leader: see Floor Leaders
- 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
(b) An accounting of its receipts and expenditures during the fiscal year, in accordance with the classifications it establishes for its operating and capital accounts.
(c) An accounting of its assets and liabilities at the end of its fiscal year and the status of reserve, special, and other funds.
(d) A schedule of the bonds and notes outstanding at the end of its fiscal year and a statement of the amounts redeemed and issued during its fiscal year.
(e) A statement of its proposed and projected activities.
(f) Recommendations to the legislature.
(g) An analysis of beginning farmer needs in the state.
(2) The annual report shall identify the performance goals of the authority and clearly indicate the progress made to attain those goals during the reporting period. If possible, results shall be expressed in terms of number of loans and acres of agricultural land.