2006 Michigan Compiled Laws - Act 2 of 1968


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:

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.

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