Sec. 95a.
(1) The educator evaluation reserve fund is created as a separate account within the state school aid fund.
(2) The state treasurer may receive money or other assets from any source for deposit into the educator evaluation reserve fund. The state treasurer shall direct the investment of the educator evaluation reserve fund. The state treasurer shall credit to the educator evaluation reserve fund interest and earnings from the educator evaluation reserve fund.
(3) Money in the educator evaluation reserve fund at the close of the fiscal year shall remain in the educator evaluation reserve fund and shall not lapse to the state school aid fund or to the general fund. The department of treasury shall be the administrator of the educator evaluation reserve fund for auditing purposes.
(4) From the appropriations in section 11, there is allocated to the educator evaluation reserve fund for 2014-2015 an amount not to exceed $12,100,000.00 from the state school aid fund and an amount not to exceed $2,700,000.00 from the general fund. Subject to subsections (5) and (6), the department shall expend the money in the educator evaluation reserve fund for implementing evaluation systems for public school teachers and school administrators.
(5) Funds in the educator evaluation reserve fund shall not be expended unless the state budget office has approved the department's spending plan.
History: Add. 2014, Act 196, Eff. Oct. 1, 2014 ;-- Am. 2015, Act 85, Imd. Eff. June 17, 2015
Last modified: October 10, 2016