New Law Changes Investment Reporting Requirement from Annual to Quarterly
Governmental Alert, January 2008

Public Act 213 of 2007, which now requires local governments to perform their investment reporting quarterly to the governing body, has been signed by the Governor. The investment of surplus monies by Michigan local governments is controlled by Public Act 20 of 1943; the Act previously required investment reporting annually.

The Michigan Committee on Governmental Accounting and Auditing (MCGAA) suggests that each required quarterly report be much more concise than the annual report; for example, it may just list investments by institution with maturity date and interest rates. The MCGAA suggests that each annual report continue to be more comprehensive, per current standards, with information about credit risk, interest rate risk, concentration risk, and custodial risk, as applicable.