MI SB0198

Amends the Local Government Fiscal Responsibility Act to cap the annual salary of school district emergency financial managers at the annual salary of the governor.

Requires the superintendent of public instruction to submit nominees within 30 days of determining a school district has a financial emergency, with the state board selecting up to 3 nominees for the governor to appoint with senate consent.

Emergency financial managers must be chosen based solely on fiscal competence and cannot have been an elected or appointed official or employee of the school district for at least 5 years prior to appointment.

Emergency financial managers serve terms not to exceed 1 year and may be renewed annually for no more than 1 additional year, with compensation and expenses approved by the superintendent of public instruction.

Allows emergency financial managers to appoint additional staff and secure professional assistance as necessary with superintendent approval.