June 11, 2014, Introduced by Reps. Faris, Kosowski, Driskell, Lamonte, Switalski, Haugh, Tlaib, Knezek, Schor, Phelps, Lane, Smiley, Kandrevas, Darany, Brinks, Geiss, Dianda and Oakes and referred to the Committee on Appropriations.
A bill to amend 1984 PA 431, entitled
"The management and budget act,"
by amending section 492 (MCL 18.1492), as amended by 1999 PA 8.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 492. (1) The financial statements of all state agencies,
as defined by generally accepted accounting principles as falling
within the reporting responsibility of the state, shall be included
in the comprehensive annual financial report of the state. The
director shall designate and notify each state agency of this
responsibility as well as describe the statement format that shall
be followed by each agency so notified. The statements provided
shall be followed by each state agency so notified. The statements
provided shall be audited as provided by law or by the auditor
general or independent auditors selected by the auditor general
before submission to the department of technology, management, and
budget and shall be submitted not later than 90 days following the
close of the state's fiscal year.
(2) The comprehensive annual financial report for the 2014-
2015 fiscal year and each fiscal year thereafter shall contain an
itemization of all payments to each local unit of government during
that fiscal year.