Introduced
by
To require the state Department of Treasury to investigate the financial condition of a local government if one of a number of conditions specified in the bill is met. These all relate to various indications, requests or notices suggesting that the local government may be in financial trouble. If the problems in the local government are determined to be very serious, the department would be required to appoint a emergency financial manager with broad powers to attempt to rectify the problems. The bill would also require the department to assign local governments a fiscal score based on the five key areas of fund balance, general fund tax revenues, other revenues, capital expenditures, and ratio of pension benefits to current benefits. The bill would replace the current law that deals with financially troubled local governments.
Referred to the Committee on Local Government and Urban Policy
