Bill Text: MI HB4194 | 2013-2014 | 97th Legislature | Engrossed
Bill Title: Local government; financing; municipal budget stabilization fund; increase. Amends sec. 3 of 1978 PA 30 (MCL 141.443).
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 2013-10-08 - Referred To Committee On Local Government And Elections [HB4194 Detail]
Download: Michigan-2013-HB4194-Engrossed.html
HB-4194, As Passed House, October 3, 2013
HOUSE BILL No. 4194
February 6, 2013, Introduced by Reps. Brunner, Brown, Smiley and Johnson and referred to the Committee on Local Government.
A bill to amend 1978 PA 30, entitled
"An act to provide for the creation and use of budget stabilization
funds by counties, cities, villages, and townships,"
by amending section 3 (MCL 141.443).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 3. (1) Each fiscal year following the fiscal year in
which a fund is created, the governing body of the municipality
which
that created the fund may appropriate to the fund, by an
ordinance or resolution adopted by a 2/3 vote of the members
elected and serving, all or part of a surplus in the general fund
resulting
from an excess of revenue in comparison to expenses. ,
to
the
fund.
(2) A municipality shall not impose additional taxes producing
revenue in excess of that needed for its estimated budget in order
to provide for money to be appropriated to the fund.
(3) The amount of money in the fund shall not exceed either
15%
20% of the municipality's most recent general fund
budget, as
originally
adopted, or 15% 20% of the average of the municipality's
5 most recent general fund budgets, as amended, whichever is less.
(4) The money in the fund may be invested as provided by law
with the earnings of the fund to be returned to the municipality's
general fund.
(5) If the money in the fund exceeds that permitted in
subsection (3), the excess money shall be appropriated in the
municipality's next general fund budget, but shall not be
appropriated to the fund.
