MI SB0112

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 consists of the superintendent of public instruction (chair), state treasurer, and director of the department of technology, management, and budget, with the attorney general serving as nonvoting legal counsel and the affected school board president as a nonvoting member.

Requires emergency financial managers to be selected based on public sector fiscal competence, including demonstrated experience with budgeting, accounting systems, deficit reduction planning, and financial analysis, with at least 5 years since last employment by that school district.

Grants the board authority to directly supervise the emergency financial manager, approve all compensation and staff appointments, review all contracts and decisions, and oversee all written plans and reports developed by the manager.

Changes compensation approval authority from the superintendent of public instruction to the education financial emergency resolution board, and limits emergency financial manager appointments to an initial term of up to 1 year, renewable annually for no more than 1 additional year.