When preparing a budget or financial plan, it’s important to “know what you owe.”
I recently supported legislation to provide Michigan taxpayers with more information on the state’s long-term debts. SB 292 requires the governor to include required employer contributions toward the total unfunded retiree health care and pension legacy costs in the annual budget bills. SB 738 requires an annual executive summary report of the state’s unfunded liabilities for retiree health and pensions.
Unfunded liabilities are all too often out of public view. These bills provide taxpayers with greater transparency on an important part of the state budget. The legislation has been sent to the House for consideration.