Accountability and Transparency
For fiscal year (FY) 2016, the legislature established the City, Village, and Township Revenue Sharing (CVTRS) program (a simplified version of the Economic Vitality Incentive Program (EVIP)). Each eligible local unit must meet all of the requirements of Accountability and Transparency in order to receive the full CVTRS payments.
I. To qualify for CVTRS payments, a local unit must complete the following by the qualifying date.
1. Make required documents available for public viewing in the city, village, or township clerk’s office or post them on a publicly accessible Internet site.
2. Provide to Treasury the required documents (see below).
II. Required Documents
a. Certification of Accountability and Transparency (form 4886)
b. Citizen’s Guide (minimum General Fund)
i. Most recent local finances
ii. Recognition of unfunded liabilities
c. Performance Dashboard
d. Debt Service Report (all funds)
i. Issuance date by debt instrument
ii. Issuance amount by debt instrument
iii. Type of debt instrument
iv. A listing of all revenues pledged to finance debt service by debt instrument
v. A listing of the annual debt service payment amounts
e. Projected Budget Report (minimum General Fund)
i. The current fiscal year projected revenues and expenditures
ii. The immediately following fiscal year projected revenues and expenditures
iii. An explanation of the assumptions used for the projections
IIl. Due Date
a. December 1, 2016-to receive full CVTRS payments.