State management: funds; strategic outreach and attraction reserve fund; modify. Amends secs. 2 & 4 of 2000 PA 489 (MCL 12.252 & 12.254). TIE BAR WITH: SB 0559'23

This bill modifies the Michigan Trust Fund Act to formally establish and define the "Strategic Outreach and Attraction Reserve Fund," which is managed within the Department of Labor and Economic Opportunity. It authorizes the state treasurer to deposit funds from various sources into this reserve and allows for investments in state common cash, surplus funds, and obligations from solvent U.S. or state entities. Money held in the fund that is restricted or obligated at the end of a fiscal year must remain in the reserve and cannot be transferred to the general fund. The legislation specifies that expenditures from the fund are limited to three specific programs: the Critical Industry Program, the Michigan Strategic Site Readiness Program, and the Michigan 360 Program. Additionally, the bill requires the department to submit an annual report on the fund's activities to the governor, legislature, and fiscal agencies by March 15 of each year.