MI SB0775

Changes the fiscal year appropriation from 2014 to 2015, with nominal appropriations of $100.00 from the state school aid fund (previously $11.1 billion), $0.00 from the MPSERS retirement obligation reform reserve fund (previously $156 million), and $0.00 from the general fund (previously $234.9 million).

Requires the department to prepare electronic files and deliver them to the state treasurer by October 20, November 20, December 20, January 20, February 20, March 20, April 20, May 20, June 20, July 20, and August 20 for distribution to districts and intermediate districts in monthly installments of 1/11 each.

Allows the state treasurer to make payments by warrant or electronic funds transfer to a designated account upon written request from a district or intermediate district treasurer.

Permits the superintendent, with written concurrence from the state treasurer and state budget director, to authorize early release of funds for temporary and nonrecurring needs, but not more than 30 days before the established payment date.

Provides that unexpended general fund allocations at the end of the fiscal year are transferred to the school aid stabilization fund created under section 11a.