MI SB1425

Creates an Education Financial Emergency Resolution Board within the Department of Education to oversee emergency financial managers appointed to school districts in financial crisis.

Establishes that the board shall consist of the superintendent of public instruction, state treasurer, and director of the department of technology, management, and budget, with the attorney general serving as a nonvoting member and the affected school board president serving as a nonvoting member for district-specific matters.

Requires the board to directly supervise emergency financial managers, review and approve all compensation, reimbursements, appointments, contracts, and decisions made by the emergency financial manager.

Defines competence qualifications for emergency financial managers to include demonstrated public sector fiscal experience in budget preparation and analysis, accounting systems, deficit reduction planning, and financial statement review.

Shifts approval authority for emergency financial manager compensation and staffing from the superintendent of public instruction to the newly created Education Financial Emergency Resolution Board.