LOCAL BUDGET/TAXATION HEARINGS H.B. 4518 (S-1): FLOOR ANALYSIS
House Bill 4518 (Substitute S-1 as reported) Sponsor: Representative Willis Bullard, Jr. House Committee: Tax Policy
Senate Committee: Finance
The bill would amend Section 16 of the Uniform Budgeting and Accounting Act to require a local unit’s general appropriations act to set forth the total number of mills of ad valorum property taxes to be levied and the purposes for which that millage would be levied.
Currently, local units of government must pass a general appropriations act for all funds, with specified exceptions. The act must set forth the amounts appropriated by the legislative body to defray expenditures and meet the liabilities of the local unit for the ensuing fiscal year. Section 16 of the Uniform Budgeting and Accounting Act also provides that, except as otherwise permitted by law, a legislative body may not adopt a general appropriations act or an amendment to it that causes estimated total expenditures, including an accrued deficit, to exceed total estimated revenues, including an available surplus and the proceeds from, or principal balance of, bonds or other obligations issued under the Fiscal Stabilization Act.
The bill states that it would be known and could be cited as “The Truth in Budgeting Act”.
MCL 141.436 & 141.437 Legislative Analyst: G. Towne
The bill would have no fiscal impact on State or local government.
Date Completed: 4-26-95 Fiscal Analyst: R. Ross
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This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.