In Michigan, local governments are nearly $19 billion in the red on their pension and retirement health care obligations.
I recently supported legislation to better protect the retirement benefits promised to local workers, including law enforcement officersand firefighters. The bills require uniform and consistent reporting by local governments with unfunded liabilities to accurately assess retirement costs and taxpayer obligations. Communities can then develop plans to get control of their debt. It’s important to ensure existing problems do not get bigger or go unaddressed.
In related news, a new website provides important financial data about Michigan’s counties, townships, cities and villages. Visit www.michigan.gov/treasury and click on MI Community Financial Dashboard to learn about a community’s revenues and expenditures, as well as long-term debt and unfunded pension liability costs.