MI SB0957

School districts and public school academies must submit budgetary assumptions to CEPI by July 7 each year, including projected foundation allowance, membership, and expenditures per pupil.

CEPI compiles budget assumption summaries by July 21 and transmits to intermediate school district superintendents and authorizing bodies, who have until July 28 to review and determine if assumptions are reasonable.

State treasurer reviews final budget summaries by August 20 and may notify districts/academies if budgetary assumptions are unreasonable; affected schools must post notice on website until June 30 or budget is amended.

Districts and academies experiencing fiscal stress, deficits, or potential financial emergencies must notify superintendent of public instruction and request technical assistance; state may require periodic financial status reports.

Superintendent of public instruction and state treasurer must convene workgroup by specified deadline to develop recommendations for early warning financial information system for schools to address budgetary difficulties earlier.