Michigan Governor Whitmer signed off on House Bill No. 5783 which includes appropriations for fiscal years 2022 and 2023. The bill includes funding for Michigan State Treasury to work in partnership with a public university located in Michigan to develop an IT strategy focusing on machine-readable financial disclosures for local units of government, and that uses XBRL.
This will help the University of Michigan’s Center for Local, State, and Urban Policy (CLOSUP) continue their work to bring machine-readable data standards to local governments in Michigan.
Here is the relevant section from the bill:
Sec. 949r. (1) From the funds appropriated in part 1 for local government programs, the department shall, in partnership with a public university located in this state, develop an information technology strategy that does all of the following:
(a) Identifies opportunities for machine-readable financial disclosures for local units of government.
(b) Uses XBRL.
(c) Allows for local units of government to transition to the strategy if their existing information technology systems are retired or if new software solutions are used for creating and processing integrated data and reporting.
(d) Creates a pilot program for associations representing local units of government and government finance officers to do both of the following:
(i) Review the feasibility of local units of government using XBRL software to file required financial reporting with department of treasury.
(ii) Assist the department in developing the information technology strategy.
(2) The department shall determine the feasibility and cost of implementing the ability to accept XBRL files on the department’s website as a substitute for annual financial reports, form F-65, and form 5572, including any enhancements to current information technology systems that are required to implement the information technology strategy developed under subsection (1).
(3) As used in this section, “XBRL” means extensible business reporting language.
Read the text of House Bill 5783.
