2006 Michigan Compiled Laws - Act 2 of 1968


UNIFORM BUDGETING AND ACCOUNTING ACT

Act 2 of 1968

AN ACT to provide for the formulation and establishment of uniform charts of accounts and reports in local units of government; to define local units of government; to provide for the examination of the books and accounts of local units of government; to provide for annual financial reports from local units of government; to provide for the administration of this act; to prescribe the powers and duties of the state treasurer, the attorney general, the library of Michigan and depository libraries, and other officers and entities; to provide penalties for violation of certain requirements of this act; to provide for meeting the expenses authorized by this act; to provide a uniform budgeting system for local units; and to prohibit deficit spending by a local unit of government.


History: 1968, Act 2, Imd. Eff. Feb. 20, 1968 ;--Am. 1978, Act 621, Eff. Apr. 1, 1980 ;--Am. 1996, Act 401, Eff. Dec. 18, 1996




The People of the State of Michigan enact:

DocumentDescription
Section 141.421Uniform charts of accounts for local units; design; conformity to uniform standards; maintenance of local unit accounts; publication of standard operating procedures and forms; assistance, advice, or instruction; inadequacy of local unit; report; services of certified public accountant or state treasurer; expenses; payment; contract; monthly billings.
Section 141.421aShort title.
Section 141.422Meanings of words and phrases.
Section 141.422aDefinitions; A, B.
Section 141.422bDefinitions; B to D.
Section 141.422cDefinitions; E to G.
Section 141.422dDefinitions; D to S.
Section 141.423Publication; hearings.
Section 141.424Annual financial report; contents; filing; extension; unauthorized investments prohibited; "pension" defined.
Section 141.424aFailure of local unit to report investments in derivative instruments or products.
Section 141.424bSchedule of derivative instruments and products; filing copies; Library of Michigan and depository libraries as depositories; retention of annual report by local unit.
Section 141.425Local units; audits.
Section 141.426Certified public accountants; cost.
Section 141.427Minimum auditing procedures and standards; form for report of auditing procedures; filing audit report and report of auditing procedures; time for filing; extension.
Section 141.428Contents of audit report.
Section 141.429Public inspection of audit reports.
Section 141.430Orders and subpoenas.
Section 141.431Violations of act.
Section 141.432Verification of transactions.
Section 141.433Scope of examiner's authority; production of records; divulging confidential information.
Section 141.434Budget; preparation, presentation, and control of expenditures; information; transmitting recommended budget to legislative body; suggested general appropriations act; consideration of recommended budget; furnishing information to legislative body; public hearing.
Section 141.435Recommended budget; contents; limitation on total estimated expenditures.
Section 141.436General appropriations act; requirements; line items not mandated; taxation; limitation on estimated total expenditure.
Section 141.437General appropriations act; amendment; reports; recommendations.
Section 141.438Incurring debts or obligations; dividing appropriations into allotments; expenditures; application or division of money; restrictions on delegation of duties.
Section 141.439Expenditure of funds; transfers within appropriations.
Section 141.440Violation; filing; report; review and action by attorney general; civil action for recovery of funds and public property.
Section 141.440aManuals, forms, and operating procedures; training and educational programs.

Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.