Tagged: emergency manager

Michigan’s credit rating is getting a boost.

The state of Michigan’s credit rating has taken a bit of a beating in recent years.

But the credit rating agency Moody’s this week revised its opinion of Michigan bonds from ‘stable’ to ‘positive.’

Moody’s is giving the state credit for rebuilding its financial reserves and running structurally balanced budgets. 

A State Treasury spokesman says the hope is the change may help the state get a better rate for an upcoming $200 million school bond issue.  

Today's the day.

It's the day the state's new emergency law goes into effect - the day current 'emergency financial managers' become 'emergency managers.'

Last November, Michigan voters repealed the state's much maligned Public Act 4 (emergency manager law). The majority of voters felt the law put too much power in one person's hands.

Legislators reacted to the repeal by passing a modified emergency manager law (Public Act 436).

It restores a lot of the old powers granted to emergency managers under the old law, but with some differences.

Here are some similarities and differences between the old EM law, and the new one.

The Flint City Council has taken a first step toward taking back control of the city’s finances.

The council last night unanimously passed a resolution asking Governor Rick Snyder to remove the city’s emergency manager.
 

Flint city officials want the governor to replace the emergency manager with a transition team to phase out state control of the city’s finances over two years.

The Flint city council is expected to vote tonight on a plan that may set the stage for the city to emerge from state oversight. 

The council will consider asking the governor to appoint a “receivership transition advisory board.”    

Flint Mayor Dayne Walling says the board would guide the city after the departure of the emergency manager.

“This is an area of the law that we want to take advantage of,” says Walling, “We want assistance with our revenue estimates…with budget amendments.”

Michigan will have a federal health exchange to shop for coverage

"Michigan will be part of the federal government’s health insurance exchange, instead of being a partner in a joint effort. That’s because the state Senate began its spring break Thursday without meeting a deadline to vote on accepting federal funds for the project," Rick Pluta reports.

Health care providers could refuse to provide contraception for moral reasons

"Health care professionals and insurance companies could refuse to provide contraception, or other services if they find them morally objectionable under a bill adopted by a legislative committee. The measure makes exception for emergencies," Rick Pluta reports.

Detroit reps want feds to investigate EMs

"Two congressmen who represent Detroit are asking the federal government to investigate Michigan's emergency managers. Democratic Congressmen John Conyers and Gary Peters are asking the federal Government Accountability Office . . . to make sure any federal dollars under emergency manager control aren’t being wasted or misused. In a letter written to the accountability office, the congressmen say they’re concerned about the impact emergency managers could have on federally-funded programs and grants," Lindsey Smith reports.