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Wayne Michigan Form 5330: What You Should Know

LOST PROPERTY UNLAWFULLY TRANSFERRED TO OTHER STATE OR FOREIGN OR INSURED GOVERNMENT. THE DEPARTMENT OF TREASURY AND PUBLIC OFFICERS (LOGO) DOES NOT HAVE ANY AUTHORITY OVER THE DEPARTMENT OF LABOR AND INDUSTRY (LIFE) OR THE DEPARTMENT OF TREASURY FINANCE (TILES), WHICH ARE THE DEPARTMENTS RESPONSIBLE FOR COLLECTING, TRANSPORTING, AND ALLOWING UPON DISPOSITION OF THE MONEY. ANY MONEYS THAT ARE PAID INTO THESE. THE LEGISLATIVE BUDGET OF CONGRESS WILL PROVIDE A FUND FOR THE STATE TO PROMOTE AND EXPAND THE DEPARTMENT OF LABOR AND INDUSTRY (LIFE) AND THE DEPARTMENT OF TREASURY FINANCE (TILES) OFFICE. The Legislative Budget Act, 2024 (BEA) establishes new funding for the Department of Job and Community Development (JD), the Department of Technology, Management and Budget (DUMB) and the Department of Treasury (Treasury). The Act provides for the transfer of an additional 35 million into each of the following programs: 17 million into the General Fund 12.4 million into the Department of Job and Community Development (JD) 6.5 million into the Department of Technology, Management and Budget (DUMB) 2.25 million into the Department of Treasury In July, JD received a 3.5 million budget increase from House Bill 5174 and the 2 Legislative Budget Act. However, when JD receives that money, it will likely not be in the form it was intended—that being the General Fund budget. If JD is allowed to keep the rest of the money, that means it will continue to operate at half-staff and possibly at more than half staff. JD is already a limited-service state agency and thus cannot receive more money. However, because it receives tax dollars and thus is funded by tax dollars, we cannot rely on JD for any additional funding when the rest of the state's money may run out. The General Fund cannot pay the costs associated with JD, and the General Fund cannot pay all the costs associated with JD without the ability of state employees and other funding to step in to replace funding that JD has cut from the agency.

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