141.421 Uniform charts of accounts for local units; design; conformity to uniform standards; maintenance of local unit accounts; publication of standard operating procedures and forms; assistance, advice, or instruction; inadequacy of local unit; report; services of certified public accountant or state treasurer; expenses; payment; contract; monthly billings. Sec. 1. (1) The state treasurer shall prescribe […]
141.421a Short title. Sec. 1a. This act shall be known and may be cited as the “uniform budgeting and accounting act”. History: Add. 1978, Act 621, Eff. Apr. 1, 1980
141.422 Meanings of words and phrases. Sec. 2. For the purposes of this act, the words and phrases defined in sections 2a to 2d have the meanings ascribed to them in those sections. History: 1968, Act 2, Imd. Eff. Feb. 20, 1968 ;– Am. 1978, Act 621, Eff. Apr. 1, 1980
141.422a Definitions; A, B. Sec. 2a. (1) “Administrative officer” means an individual employed or otherwise engaged by a local unit to supervise a budgetary center. (2) “Allotment” means a portion of an appropriation which may be expended or encumbered during a certain period of time. (3) “Appropriation” means an authorization granted by a legislative body […]
141.422b Definitions; B to D. Sec. 2b. (1) “Budgetary center” means a general operating department of a local unit or any other department, institution, court, board, commission, agency, office, program, activity, or function to which money is appropriated by the local unit. (2) “Capital outlay” means a disbursement of money which results in the acquisition […]
141.422c Definitions; E to G. Sec. 2c. (1) “Expenditure” means the cost of goods delivered or services rendered, whether paid or unpaid, including expenses, debt retirement not reported as a liability of the fund from which retired, or capital outlay. (2) “General appropriations act” means the budget as adopted by the legislative body or as […]
141.422d Definitions; D to S. Sec. 2d. (1) “Depository library” means a depository library designated under section 10 of the library of Michigan act, 1982 PA 540, MCL 397.20. (2) “Legislative body” means any of the following: (a) The council, commission, or other entity vested with the legislative power of a village. (b) The council […]
141.423 Publication; hearings. Sec. 3. The state treasurer, before the adoption of a uniform chart of accounts, shall provide for advance publication and for hearings thereon with an advisory committee selected by the state treasurer from the local units and from other interested or concerned groups. The uniform chart of accounts, when finally adopted, shall […]
141.424 Annual financial report; contents; filing; extension; unauthorized investments prohibited; “pension” defined. Sec. 4. (1) The chief administrative officer of each local unit shall make an annual financial report (local unit fiscal report) which shall be uniform for all local units of the same class. (2) The annual financial report shall contain for each fiscal […]
141.424a Failure of local unit to report investments in derivative instruments or products. Sec. 4a. (1) If a local unit fails to report investments in derivative instruments or products as required by section 4, the state treasurer may determine that the local unit cannot report the investments without assistance, advice, or instruction from the state […]
141.424b Schedule of derivative instruments and products; filing copies; Library of Michigan and depository libraries as depositories; retention of annual report by local unit. Sec. 4b. (1) The state treasurer shall promptly file with the library of Michigan copies of a schedule of derivative instruments and products described in section 4(2)(c) or (e) and obtained […]
141.425 Local units; audits. Sec. 5. (1) A local unit having a population of less than 4,000 shall obtain an audit of its financial records, accounts, and procedures not less frequently than biennially. However, if any audit under this subsection discloses a material deviation by the local unit from generally accepted accounting practices or from […]
141.426 Certified public accountants; cost. Sec. 6. Local units may retain certified public accountants to perform such audits. If any unit fails to provide for an audit, the state treasurer shall either conduct the audit or appoint a certified public accountant to perform it. The entire cost of any such audits will be borne by […]
141.427 Minimum auditing procedures and standards; form for report of auditing procedures; filing audit report and report of auditing procedures; time for filing; extension. Sec. 7. (1) The state treasurer shall prescribe minimum auditing procedures and standards and these shall conform as nearly as practicable to generally accepted auditing standards established by the American institute […]
141.428 Contents of audit report. Sec. 8. Every audit report shall do all of the following: (a) State that the audit has been conducted in accordance with generally accepted auditing standards and with the standards prescribed by the state treasurer. (b) State that financial statements in such reports have been prepared in accordance with generally […]
141.429 Public inspection of audit reports. Sec. 9. All audit reports submitted under this act shall be made available for public inspection. History: 1968, Act 2, Imd. Eff. Feb. 20, 1968
141.430 Orders and subpoenas. Sec. 10. In connection with any audit and examination conducted under the provisions of this act, the state treasurer, or a deputy state treasurer, may issue subpoenas, direct the service thereof by any police officer, and compel the attendance and testimony of witnesses, may administer oaths and examine such persons as […]
141.431 Violations of act. Sec. 11. If any audit or investigation conducted under this act discloses statutory violations on the part of any officer, employee or board of any local unit, a copy of such report shall be filed with the attorney general who shall review the report and cause to be instituted such proceeding […]
141.432 Verification of transactions. Sec. 12. (1) For purposes of verifying any transactions disclosed by an audit or investigation, any person or firm authorized to conduct an audit under this act may ascertain the deposits, payments, withdrawals and balances on deposit in any bank account or with any contractor or with any other person having […]
141.433 Scope of examiner’s authority; production of records; divulging confidential information. Sec. 13. (1) Notwithstanding the confidentiality provisions of any tax laws, any authorized employee of the state treasurer, certified public accountant or firm of certified public accountants conducting an audit under this act shall have access to and authority to examine all books, accounts, […]
