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FAQ
  Michigan's State Budget
What does it mean to "close the books"?
 
Answer:
The fiscal year runs from October 1 to September 30 of the following year. The following January, the Department of Management and Budget releases its initial estimates of the actual year-end balances in the General Fund and School Aid Fund. These estimates are contained in a report referred to as the Preliminary Book Closing Report.

Final book closing occurs that March. The Department of Management and Budget releases the final accounting for the previous fiscal year revenues, expenditures, and year-end balances. These data are contained in the State of Michigan Comprehensive Annual Financial Report (CAFR).

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