LSCA Partners with Michigan CLASS

14 Feb

By Local Community Stabilization Authority (LCSA)

February 14, 2022 | By Local Community Stabilization Authority (LCSA) |

LCSA recently partnered with Michigan CLASS to bring LCSA payments online!

What Does this Partnership Mean for Your Entity?

Through this partnership with Michigan CLASS, your entity can receive your LCSA distributions directly to a Michigan CLASS account. When you opt to receive your payments online with Michigan CLASS, your entity’s funds will be deposited directly into your account immediately following the initiation of the LCSA distribution, eliminating delays and potential fraudulent activity associated with physical mailing.

What is Michigan CLASS?

Michigan CLASS is a short-term, highly liquid local government investment pool (LGIP) designed specifically for public agencies. Michigan CLASS provides the opportunity to invest funds on a cooperative basis in legally permitted investments under Michigan State Law that are carefully chosen in an effort to provide maximum safety and liquidity.

Creating a Michigan CLASS account for your LCSA funds enables you to easily track your funds for reporting and auditing purposes while the Michigan CLASS Transaction Portal allows you to move your funds to your bank accounts on file without transaction fees.*

To get started with online distributions, please click here!

^{*You may incur fees associated with wires and/or ACH transactions by your bank, but there will be no fees charged from Michigan CLASS for such transactions. Investment involves risk including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. Past performance is no guarantee of future results. Any financial and/or investment decision may incur losses.}

News and Information

May 2022 METRO Act Fee Sharing Payments

June 3, 2022 | Local Community Stabilization Authority (LCSA)

On May 20, 2022, the Local Community Stabilization Authority Council approved the disbursement of $29.2 million of METRO Act maintenance fees to the 516 eligible cities and villages and 1,240 eligible townships. The Authority disbursed the maintenance fees as follows:

2022 METRO Act Payments-Cities and Villages (PDF)

On October 1, 2014, the powers, duties, functions, and responsibilities previously vested in the Metropolitan Extension Telecommunications Rights‐of‐Way Oversight (METRO) Authority under the Metropolitan Extension Telecommunications Rights‐of‐Way Oversight Act, 2002 PA 48, as amended, MCL 484.3101 to 484.3120 (the “METRO Act”) were transferred to and vested in the Local Community Stabilization Authority (the “Authority”).

Under the METRO Act, the Authority has the exclusive power to assess fees on telecommunication providers owning telecommunication facilities in public rights‐of‐way located within one or more cities, villages, or townships located, in whole or in part, within a county having a population of 10,000 or more or a city, village or township that enacts an ordinance or resolution electing to be classified as part of a metropolitan area under the METRO Act (each a “Metropolitan Area”).

Telecommunications providers are required to pay an annual maintenance fee under section 8 of the METRO Act. April 1 to March 31 is the annual period for the assessment of the maintenance fees, which are due each year by April 29.

News and Information

May 2022 Local Community Stabilization Share (LCSS) Distribution

June 3, 2022 | Local Community Stabilization Authority (LCSA)

On May 20, 2022, the Local Community Stabilization Authority distributed $174,791,027.51 of local community stabilization share (LCSS) revenue to cities, villages, counties, community colleges and other local governments. Municipalities should record the revenue in account 573, Local Community Stabilization Share Tax. Schools should record the revenue in revenue major class code 321, suffix 0000.

The LCSA is only responsible for the distributions so we cannot answer questions regarding calculations. Please visit the Michigan Department of Treasury’s Personal Property Tax Reimbursements webpage at www.michigan.gov/pptreimbursements for information regarding calculations. Please contact the LCSA at contact@lcsami.gov if you have questions regarding the distribution of local community stabilization share revenue.