The Detroit News: Evans to state: Declare fiscal emergency in Wayne Co.
Besides its $52 million annual structural deficit, the county takes about $20 million from its general fund each year to bolster its pension system. The county pension plan for current and future retirees is underfunded by $910.5 million, according to the most recent actuarial report done for the county. Wayne County has more than 5,000 retirees. Evans has said if the county doesn't act, it will run out of money by August 2016. He wants the books balanced at the start of the new fiscal year, Oct. 1.
That which will not go on forever won't, and having a pension fund underfunded by almost a billion dollars without revenue to make it good as the expenses from years of corruption and incompetent decision making is unsustainable.
Expect a bankruptcy filing soon given how that resulted in the state bailing out Detroit, or an outright bailout request.
2 comments:
In light of all this, I can't understand how Bob Ficano wasn't prosecuted for anything. Between Ed McNamara and Ficano, Wayne County has been flushed down the loo. And the rest of us are now going to have to pay for it.
They should take McNamara's name off of every public facility where it exists in Wayne County, and Ficano should never be considered for a naming, except a jail cell. "Yes, this is the Robert Ficano Memorial Holding Cell".
Where does it end??? Sooner or later they ARE going to run out of OPM!
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