MI HB5299

Amends the Local Financial Stability and Choice Act to add provisions for creating financial management teams for municipal governments declared to be in financial emergency related to underfunded pension status.

Establishes that a financial management team consists of 3 members appointed by the governor: one with 5+ years financial expertise, one with 5+ years local government experience, and one long-term resident of the municipality not employed by it.

Grants financial management teams broad powers to address underfunded status, including authority to amend budgets, require asset sales, modify contracts, and direct municipal government operations while preserving essential public services.

Provides that if a municipal government fails to comply with financial management team mandates within 30 days of notification, an emergency manager may be appointed under existing law to assume greater control.

Requires the Department of Treasury to create a website allowing residents to submit input on municipal governments under financial management team oversight and appropriates $250,000 for fiscal year 2018 to implement the new provisions.