MI HB6199

Emergency financial managers must develop written financial plans in consultation with school boards, subject to superintendent of public instruction approval within 30 days of submission.

Financial plans must include methodology for stabilizing declining revenue, operating within available resources, and ensuring full payment of debt service and legal obligations.

Emergency financial managers gain expanded powers including examining district records, negotiating contracts, managing all federal and state funds, adopting budgets, and conducting collective bargaining negotiations.

Emergency financial managers must file progress reports every 4 months to the governor, legislature, superintendent of public instruction, school board, and municipality, and conduct public forums at least every 4 months to receive community input.

Emergency financial managers may authorize school districts to proceed under federal bankruptcy code Chapter 9 after written notice to the superintendent of public instruction.