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Terms Used In Michigan Laws 259.254

  • 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.
     At the end of each fiscal year, the commission shall submit to the legislature a report showing total funds available for loans, itemization of loans made, and repayment of loans and interest received.