|
Intended Audience: Any local government employee or vendor, including clerks, treasurers, elected officials, finance directors, city, township, or village managers, auditors, accounting staff, certified public accountants and accounting firms that work in the area of accounting, finance, bookkeeping, etc. Additionally, bond counsel, municipal advisors, municipal organizations, state agencies, and actuarial professionals.
The Michigan Department of Treasury's Local Audit and Finance Division (LAFD) guides local governments on accounting and auditing through Numbered Letters. This message serves to announce several new and revised Numbered Letters.
The LAFD is in the final process of changing the Michigan Committee on Governmental Accounting and Auditing Statements (MCGAA) to Numbered Letters. The remaining two MCGAA Statements are Statements 4 and 10 will be changed to Numbered Letters. The revisions include updating to our current format, ensuring all weblinks are accurate and content updates.
The exposure draft period ended on May 23, 2025. The Local Audit and Finance Division is issuing the below Numbered Letters:
Additionally, the LAFD is publishing two new Numbered Letters, issuing guidance on Public Act 202 of 2017, the Protecting Local Government Retirement and Benefits Act (Numbered Letter 2025-1), and the Prior Approval Process (Numbered Letter 2025-2). These Numbered Letters recently underwent a 30-day public comment period, ending on June 8, 2025.
Numbered Letter 2025-1
Numbered Letter 2025-1 provides guidance and information around requirements for defined benefit retirement health benefit systems (OPEB) found in Section 4 (1)(c-d) of the Protecting Local Government Retirement and Benefits Act, Public Act 202 of 2017. The Retirement System Annual Report (Form 5572) has annually communicated these general requirements; however, this numbered letter is designed to provide additional guidance and clarity.
Numbered Letter 2025-2
Numbered Letter 2025-2 creates a single source of information by incorporating elements of Bulletin 1 and replacing Bulletin 5 (last revised 2009), Bulletins 8, 9, and 10 (last revised 2018), and Numbered Letter 2020-2 (last revised 2021). Our goals with this revision include improving the overall user experience and creating efficiencies.
You can view all the Numbered Letters, including the new and revised letters at https://www.michigan.gov/treasury/local/lafd/letters.
If you have any questions or comments, please contact us by phone at 517-335-7469 or email at LAFD_Audits@michigan.gov. They can be also mailed to:
Local Audit and Finance Division
Michigan Department of Treasury
P.O. Box 30728
Lansing, MI 48909-8228
|
