MI HB5567

Requires cities with a population over 600,000 to establish a chief financial officer position appointed by the mayor and approved by the governing body, with expertise in municipal finance, governmental restructuring, labor relations, and management of large governmental units.

Chief financial officer must supervise all financial and budget activities, coordinate budgeting and financial management, certify annual budget compliance with uniform accounting standards, and provide written opinions to the mayor and governing body on policy and budgetary decisions.

Mandates cities adopt a 4-year rolling financial plan beginning with fiscal year after the act's effective date, including revenue and expenditure projections, cash flow projections, capital commitments, and measures to ensure adequate reserves of at least 5% of projected expenditures.

Requires cities to conduct semi-annual revenue estimating conferences (second week of September and third week of February) with the chief financial officer, state treasurer, and an independent economic forecasting expert to establish official economic and revenue forecasts by unanimous consensus.

Grants the mayor power to veto individual line-item appropriations and, with governing body approval, authorize spending reductions during the fiscal year if expenditures exceed revenues; requires cities to post all current and awarded contracts on their website within 30 days.