Tuesday, April 12, 2022
Intended Audience: Chief Administrative Officers, Finance Directors, Bond Counsel, Financial Advisors, Certified Public Accountants, Municipal Organizations, and Interested Parties
The Revised Municipal Finance Act, Public Act 34 of 2001, Section 303(2), requires each municipality to annually file a Qualifying Statement with the Department of Treasury within six months of the end of its fiscal year. Qualifying Statements are an assessment of a municipality’s fiscal health. Should a municipality’s Qualifying Statement be approved, meaning they “passed” their fiscal test, they can then issue debt such as bonds or notes in the upcoming year without first needing to obtain the Department of Treasury’s prior approval to do so.
Municipalities include counties, road commissions, townships, cities, villages, school districts, public school academies, intermediate school districts, community colleges, drain districts, authorities, libraries, and hospital finance authorities.
Our goals with this revision include increasing transparency, eliminating common errors, improving the overall user experience, educating filers, and reducing staff effort.
Our public comment period to receive your feedback will be held April 12 – May 17, 2022. Please click on the following link to review our cover memo, draft numbered letter, and a comparison of the current questions to the new questions and information bubbles.
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