{"id":12339,"date":"2023-09-25T10:59:20","date_gmt":"2023-09-25T14:59:20","guid":{"rendered":"https:\/\/mml.org\/inside208\/?p=12339"},"modified":"2023-09-25T10:59:20","modified_gmt":"2023-09-25T14:59:20","slug":"michigan-department-of-treasury-provides-guidance-on-statutory-revenue-sharing-payments-for-fy-2024","status":"publish","type":"post","link":"https:\/\/mml.org\/inside208\/2023\/09\/25\/michigan-department-of-treasury-provides-guidance-on-statutory-revenue-sharing-payments-for-fy-2024\/","title":{"rendered":"Michigan Department of Treasury Provides Guidance on Statutory Revenue Sharing Payments for FY 2024."},"content":{"rendered":"<p>For fiscal year (FY) 2024, the Legislature continued the City, Village and Township Revenue Sharing (CVTRS) program. Each eligible local unit must meet all the program requirements to receive all CVTRS payments.<\/p>\n<p>Each city, village, or township that received a FY 2023 CVTRS payment is eligible to receive:<\/p>\n<ul>\n<li>a CVTRS-Standard payment equal to 104% of the local unit&#8217;s eligible FY 2023 ongoing CVTRS payment amount;<\/li>\n<li>a CVTRS-CLFRF (Coronavirus Local Fiscal Recovery Fund) payment equal to 1% of the local unit\u2019s eligible FY 2023 ongoing CVTRS payment amount;<\/li>\n<li>a CVTRS-PS (Public Safety) payment equal to 2% of the local unit\u2019s eligible FY 2023 ongoing CVTRS payment amount<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.michigan.gov\/treasury\/-\/media\/Project\/Websites\/treasury\/Uncategorized\/2024\/CVTRS\/FY-2024-CVTRS-Detailed-Guidance.pdf?rev=c32bda8b6b9d49dbae2bbff84f7864b9\">Click here<\/a> for a link to the Detailed Guidance emailed to the local units on September 21, 2023. \u00a0Treasury must receive a completed <a href=\"https:\/\/www.michigan.gov\/treasury\/-\/media\/Project\/Websites\/treasury\/Uncategorized\/2024\/CVTRS\/4886.pdf?rev=de0cd9ddd6134efda6225728e05661db&amp;hash=87017901459639D1F2A4676C9008B747\">Form 4886<\/a>, a Debt Service Report and a Projected Budget Report by 11:59 p.m. on December 7, 2023 to qualify for CVTRS payments.<\/p>\n<p>In addition, a certification of CLFRF funds must be completed by 11:59 PM on March 30, 2024, see Detailed Guidance. This form will identify that the local unit has fully obligated all of their CLFRF by December 31, 2023, to receive the 1% payment. Certification Process and Form is currently not available but will be coming soon.<\/p>\n<p>Treasury has determined \u201cFully Obligated\u201d to mean, \u201c<em>an order placed for property or services; entering into contracts, subawards, and similar transactions that require payments; or appropriating the funds for specific purposes<\/em>\u201d and this definition only applies to the CVTRS program.<\/p>\n<p>Once Treasury has determined the local unit has met the requirements for this the 1% payment, CLFRF funds will be paid on the last business day of June 2024.<\/p>\n<p><em>John LaMacchia is the League\u2019s director of state &amp; federal affairs. He can be reached at jlamacchia@mml.org or 517-908-0303.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For fiscal year (FY) 2024, the Legislature continued the City, Village and Township Revenue Sharing (CVTRS) program. Each eligible local unit must meet all the program requirements to receive all CVTRS payments. Each city, village, or township that received a FY 2023 CVTRS payment is eligible to receive: a CVTRS-Standard  [&#8230;]<\/p>\n","protected":false},"author":455,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-12339","post","type-post","status-publish","format-standard","hentry","category-uncategorized","mml-onemagnify-plugin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Michigan Department of Treasury Provides Guidance on Statutory Revenue Sharing Payments for FY 2024. - Inside 208<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mml.org\/inside208\/2023\/09\/25\/michigan-department-of-treasury-provides-guidance-on-statutory-revenue-sharing-payments-for-fy-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michigan Department of Treasury Provides Guidance on Statutory Revenue Sharing Payments for FY 2024. - Inside 208\" \/>\n<meta property=\"og:description\" content=\"For fiscal year (FY) 2024, the Legislature continued the City, Village and Township Revenue Sharing (CVTRS) program. 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