Proos: Reforms early warning system to help prevent financial emergencies

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LANSING – After the Michigan Senate approved legislation Wednesday to help prevent financial emergencies in school districts or local units of government and give emergency managers more tools to rescue those in financial distress, state Sen. John Proos, R-St. Joseph, issued the following statement:

“The main point of this reform is to set up an early warning system to prevent financial emergencies.

“The safeguards in this legislation are designed as a proactive approach to keep our schools and local governments out of financial crisis in the first place. If schools or local governments are allowed to fail, everyone loses.

“But if – in the extreme case – that an emergency manager is necessary, we must give them the tools they need to bring the school district or local government out of deficit.

“This reform benefits everyone – from taxpayers to public employees – by ensuring that a financially distressed unit of government is put on firm foundation.  The plan could make Michigan communities and schools stronger in the end.”
 

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