April 21, 2010, Introduced by Senator THOMAS and referred to the Committee on Appropriations.
A bill to amend 1984 PA 431, entitled
"The management and budget act,"
by amending sections 350d, 386, and 491 (MCL 18.1350d, 18.1386, and
18.1491), section 350d as amended by 2007 PA 183 and section 386 as
amended by 1999 PA 8.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 350d. (1) The procedures enumerated in this section shall
be followed when revenues are required to be refunded pursuant to
section 26 of article IX of the state constitution of 1963.
(2) For any fiscal year in which total state revenues exceed
the revenue limit as provided in section 26 of article IX of the
state constitution of 1963 by 1% or more, the revenues in excess of
the revenue limit shall be refunded in accordance with 1941 PA 122,
MCL 205.1 to 205.31, for the taxpayer's tax year beginning in the
fiscal year for which it is determined that the revenue limit has
been exceeded.
(3) A refund shall not be required if total state revenues
exceed the revenue limit by less than 1%.
(4) If total state revenues exceed the revenue limit by less
than 1%, the governor shall recommend to the legislature that the
excess be appropriated to the countercyclical budget and economic
stabilization fund, or its successor.
(5) A refund required pursuant to this section shall be
refunded
during the fiscal year beginning on the October July 1
following the filing of the report required by section 350e which
determines that the limit was exceeded in the prior fiscal year for
which the report was filed.
Sec. 386. (1) The state budget director shall prepare monthly
financial reports.
(2) Within 45 days after the end of each month, the state
budget director shall transmit copies of the monthly financial
report to all the appropriations committee members and the fiscal
agencies.
The monthly financial report due by December September 15
shall be the first monthly financial report to include statements
concerning
the fiscal year which began on October July 1.
(3) Each monthly financial report shall contain the following
information:
(a) A statement of actual monthly and year-to-date revenue
collections for the general fund/general purpose revenues, school
aid fund revenues, and the tax collections dedicated to the
transportation funds; including a comparison with prior year
amounts, statutory estimates, and the most recent estimates from
the executive branch.
(b) A statement of estimated year-end appropriations lapses
and overexpenditures for the state general fund by principal
department.
(c) A statement projecting the ending state general fund and
state school aid fund balances for the fiscal year in progress.
(d) A summary of current economic events relevant to the
Michigan economy, and a discussion of any economic forecast or
current knowledge of revenue collections or expenditure patterns
that is the basis for a change in any revenue estimate or
expenditure projection.
(e) A statement of estimated and actual total state revenues
compared to the revenue limit provided for in section 26 of article
IX of the state constitution of 1963.
(f) A statement of the estimated fiscal year-end balance of
state payments to units of local government pursuant to section 30
of article IX of the state constitution of 1963.
(g) Any other information considered necessary by the state
budget director or jointly requested by the chairpersons of the
appropriations committees.
(h) A statement of year-to-date balances for the following
funds:
(i) The countercyclical budget and economic stabilization fund
or its successor.
(ii) The renaissance fund or its successor.
(iii) The Michigan natural resources trust fund or its
successor.
Sec.
491. The fiscal year of the state shall commence October
1
and continue through September 30. be
as follows:
(a) For the 2009-2010 fiscal year, commence October 1 and
continue through September 30.
(b) For the 2010-2011 fiscal year, commence October 1 and
continue through June 30.
(c) For the 2011-2012 fiscal year and for each fiscal year
thereafter, commence July 1 and continue through June 30.