Michigan Laws 211.209 – Budgets and statements of local units; preparation; form
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Terms Used In Michigan Laws 211.209
- Board: means the county tax allocation board created by section 5. See Michigan Laws 211.202
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Local unit: means counties, townships, villages, cities, a first-class school district, community college districts, intermediate school districts, and all other divisions, districts, and organizations of government that are or may be established by law and that have the power to levy taxes against property located within their respective areas, except villages and cities for which there are provisions in their charters or general law fixing maximum limits on the power to levy taxes against property for purposes as authorized by law to be supported under the municipal budget and school districts. See Michigan Laws 211.202
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
Budgets and statements of local units; preparation. Each local unit as defined in this act shall prepare each year a budget containing an itemized statement of its proposed expenditures and estimated revenues, covering all its departments and activities. Such budget shall cover that fiscal year of the local unit, the expenditures of which year are to be met wholly or partly from the next tax levy. Items of proposed capital outlay, items for the payment of interest and principal on obligations incurred prior to December eighth, 1932, and items for the payment of interest and principal on obligations incurred subsequent to December eighth, 1932, shall be listed separately. Each local unit shall also prepare each year a statement of the total assessed valuation of property located within its area. The board may require of any local unit a summary statement of its expenditures and revenues for each of the last 2 fiscal years, and a statement of its tax levies and total assessed valuation for such years. The form of such budgets and statements may be prescribed by the state tax commission.