News and Updates
Today's News and Updates
- MDOT is Holding Act 51 Training
- City of Grosse Pointe Farms Receives ‘AAA’ Bond Rating
- MGFOA Opposition to Senate Bill 17
Profits to Former Property Owner Upon Foreclosure
- Congratulations Back to Basics Graduates
- Policies & Procedures for Key Financial Functions
- MGFOA Committee Membership
- Dashboard and Citizen Guide templates at Dept of Treasury
- Michigan Department of Treasury and EVIP Administration
- FREE: State of Michigan's Local Government Records Management training is now available online
MDOT is Holding Act 51 Training
The Michigan Department of Transportation (MDOT) is again holding Act 51 training sessions around the state. The training agenda and calendar are below.
These sessions will be in the same format as last year and are geared more toward cities and villages rather than counties.
There will be one morning session from 9:30 a.m. - 11:30 a.m. and one afternoon session from 1:00 p.m. - 3:00 p.m. at each location (shown on the training calendar below).
Seating in each location is limited. Please contact Lori Cole, Financial Specialist, MDOT Financial Operations Division at 517-335-2556 or firstname.lastname@example.org to reserve your spot.
City of Grosse Pointe Farms Receives ‘AAA’ Bond Rating
Congratulations to the City of Grosse Pointe Farms! The City has received a 'AAA' bond rating from Standard & Poor's Rating Services (S&P) for the City's series 2015 limited-tax general obligation capital improvement bonds for the $3.5 million in sewer and water main improvements.
Grosse Pointe Farms joins an elite group of municipalities with an AAA bond rating. Bloomfield Hills and Rochester are the only other two communities in Michigan, with a population of less than 20,000, to achieve this distinction. Grosse Pointe Farms is the only community in Wayne County rated 'AAA'.
City Manager Shane Reeside stated, “This is significant and would not have been possible without the strong leadership and fiscal management of the Grosse Pointe Farms City Council. Credit also goes to City Controller John Lamerato who has helped position the City to reach this milestone.”
According to Robert Bendzinski, President of Bendzinski & Co. Municipal Finance Advisors, an upgrade from AA+ to AAA will likely result in an additional interest savings of 10 basis-points. That amounts to a savings of more than $50,000 over the life of the bond. Savings would have been even greater if not for the already excellent rating of the Farms and a continuing climate of low interest rates."
Grosse Pointe Farms Councilman and Chairman of the Budget and Audit Committee, Louis Theros said of the designation, “This is something the City Council and Administration has consciously worked towards for the past several years. The City has maintained healthy cash reserves and has implemented policy to help insure the financial integrity of the City - now and for future generations."
MGFOA Opposition to Senate Bill 17
Profits to Former Property Owner Upon Foreclosure
MICHIGAN GOVERNMENT FINANCE OFFICERS ASSOCIATION
BOARD OF DIRECTORS
Resolution Number 1
February 13, 2015
RE: OPPOSITION TO SENATE BILL 17 (Profits to Former Property Owner Upon Foreclosure)
WHEREAS Senate Bill 17 has been introduced to amend the General Property Tax Act, 1893 PA 206, by amending section 78m (MCL 211.78m) which would require that profits of the sale of a house by auction for non-payment of real property taxes to be refunded to the homeowner; and
WHEREAS, this legislation would create a determination of “profit” that would ignore significant costs extinguished by the foreclosure process, including mortgage and other debt, creating a potential windfall for the property owner who neglected to pay the property taxes; and
WHEREAS, this legislation would place the burden of uncollectible taxes on the local units of government and the schools, while refunding profits to the property owner, who had three years to pay the taxes or sell the property themselves; and
WHEREAS this legislation would be detrimental to the municipal and other lien holders (water and sewer charges, mowing and blight fees, other local charges) as the creditors and mortgage holders would have their interests extinguished placing the government in a position of eradicating private and public interests in a property while providing a windfall to the former owner; and
WHEREAS this legislation would disrupt the counties’ property foreclose process because counties cannot file lawsuits for a deficiency judgments for properties that did not sell for the amount of the taxes causing taxpayers to subsidize the foreclosure system; and
WHEREAS this legislation would impair the ability of a County to bond for funds to advance to the local taxing jurisdictions to settle the current taxes by pledging that all property auctioned for non-payment of taxes will be aggregated to provide funds to the delinquent tax revolving fund and pay off the bonds; and
WHEREAS this legislation may make it difficult for a County to meet its current debt service requirements or to bond in the future.
NOW THEREFORE BE IT RESOLVED that Michigan Government Finance Officers Association (MGFOA), by this resolution, opposes Senate Bill 17, the requirement that the profits of the sale of a house by auction for non-payment of real property taxes to be refunded to the homeowner.
BE IT FURTHER RESOLVED that copies of this resolution be distributed to the Governor’s office and the leadership of the Michigan Legislature, as appropriate.
Moved by: Catherine McClary, supported by Steve Adair,
motion approved/denied by a vote of 8 to 0.
Congratulations Back to Basics Graduates
Below is a list of Back to Basics graduates who were honored at the 2015 Spring Seminar. Those in attendance are pictured.
|First Name||Last Name||Organization|
|Constance||Bommarito||City of Auburn Hills|
|Beth||Bowen||City of Rochester Hills|
|Deb||Brunett||City of Cedar Springs|
|Tom||Eldridge||City of Coldwater|
|Faythe||Gillespie||City of Grand Haven|
|Tina||Glenn||City of Ann Arbor|
|Mary||Jaganjac||City of Walled Lake|
|Catherine||Kristian||Charter Township of Highland|
|Craig||LaVigne||City of Ann Arbor|
|Amy||LaVoie||Charter Township of Highland|
|April||Lynch||City of Ferndale|
|Maria||Mancos||Downriver Community Conference|
|Brian||McCarthy||City of Monroe|
|Colleen||Moser||Village of Pentwater|
|Shawn||Murphy||City of Grosse Pointe Woods|
|Jennifer||Osterhoudt||City of Rochester Hills|
|Leah||Parks||Ford Motor Company|
|Brian||Pesis||Plante & Moran, PLLC|
|Julie||Pray||City of Davison|
|Meredith||Rogers||City of Three Rivers|
|Gavin||Sheridan||City of Dearborn|
|Marilyn||Stamper||City of Wixom|
|Jason||Theis||Charter Township of Bloomfield|
|Julie||VanderWiere||Charter Township of Texas|
Policies & Procedures for Key Financial Functions
The MGFOA Accounting Standards Committee has developed policies and recommended procedures for use in your community. The policies cover key financial functions, including:
|Capital Assets||Grants Management|
|Debt Management||Payroll & Expense Reimbursement|
While each document was created and reviewed by members of the Committee, it is important to note that these documents are not a ‘one size fits all’ solution. Finance officials seeking to use these documents should consult their respective government agency’s charter as well as their agency’s legal counsel.
Please visit the RESOURCES page of the site to view the documents.
If you would like to suggest any changes to these documents, please email the Standards Committee via Joe Heffernan.
MGFOA Committee Membership
Dashboard and Citizen Guide templates at Dept of Treasury
Follow this LINK.
Michigan Department of Treasury and EVIP Administration
Follow this LINK.
FREE: State of Michigan's Local Government Records Management training is now available online
Follow this link.