Mich. Comp. Laws § 397.207
The governing board appointed under section 2 shall annually report to the city council on the money received from the library fund and from other sources, and how the money has been expended and for what purposes; the number of books and periodicals on hand; the number added by purchase, gift, or otherwise during the year; the number lost or missing; the number of visitors attending; the number of books loaned out, and the general character and kind of those books; as well as other statistics, information, and suggestions as it deems appropriate. All portions of the report that relate to the receipt and expenditure of money, as well as the number of books on hand, books lost or missing, or books purchased, shall be verified by affidavit.
MCL 397.207