2015 Senate Bill 569 / 2016 Public Act 169

Increase cap on local “rainy day” funds

Introduced in the Senate

Oct. 20, 2015

Introduced by Sen. Mike Nofs (R-19)

To increase the amount that local governments are allowed to place in a “rainy day fund,” from 15 percent to 20 percent of most recent general fund annual budget.

Referred to the Committee on Local Government

Feb. 3, 2016

Reported without amendment

With the recommendation that the bill pass.

Feb. 17, 2016

Passed in the Senate 36 to 0 (details)

Received in the House

Feb. 17, 2016

Referred to the Committee on Local Government and Municipal Finance

May 11, 2016

Reported without amendment

Without amendment and with the recommendation that the bill pass.

May 24, 2016

Passed in the House 105 to 1 (details)

To increase the amount that local governments are allowed to place in a “rainy day fund,” from 15 percent to 20 percent of most recent general fund annual budget.

Signed by Gov. Rick Snyder

June 8, 2016