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2015 Senate Bill 569: Increase cap on local “rainy day” funds

Public Act 169 of 2016

Introduced by Sen. Mike Nofs (R) on October 20, 2015
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.   Official Text and Analysis.
Referred to the Senate Local Government Committee on October 20, 2015
Reported in the Senate on February 3, 2016
With the recommendation that the bill pass.
Received in the House on February 17, 2016
Referred to the House Local Government and Municipal Finance Committee on February 17, 2016
Reported in the House on May 11, 2016
Without amendment and with the recommendation that the bill pass.
Signed by Gov. Rick Snyder on June 8, 2016