Michigan Laws 388.1807a – Allocations to community colleges; use; basis
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Terms Used In Michigan Laws 388.1807a
- 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.
The following apply to the allocation of the fiscal year 2023-2024 appropriations described in section 201(4):
(a) A community college that receives money under section 201(4) shall use that money solely for the purpose of offsetting a portion of the retirement contributions owed by the college for that fiscal year.
(b) The amount allocated to each participating community college under section 201(4)(a) must be based on each college’s percentage of the total covered payroll for all community colleges that are participating colleges in the immediately preceding fiscal year.
(c) The amount allocated to each participating community college under section 201(4)(b) must be based on each college’s reported quarterly payroll for members for the current fiscal year.