MI SB1281

Changes Michigan's fiscal year to begin July 1 instead of October 1, effective for the 2011-2012 fiscal year and all subsequent fiscal years.

Establishes a 1% revenue threshold for triggering mandatory refunds when total state revenues exceed the constitutional revenue limit, with revenues exceeding the limit by less than 1% recommended for appropriation to the countercyclical budget and economic stabilization fund.

Updates the timing for monthly financial reports to reflect the new July 1 fiscal year start, with the first report due by September 15 rather than December 15.

Requires monthly financial reports to include projections of state general fund and school aid fund balances, comparisons to revenue limits, and balances of designated funds including the countercyclical budget and economic stabilization fund.

Establishes a transition period with the 2009-2010 fiscal year running October 1 to September 30, the 2010-2011 fiscal year running October 1 to June 30, before implementing the permanent July 1 to June 30 fiscal year beginning in 2011-2012.