Could Wayne County be headed to state intervention? | The Detroit News
Wayne County is a financial mess.
Its budget deficit is huge, projected just two months into the current fiscal year to exceed an estimated $220 million. Major departments, led by the sheriff and prosecutor, routinely bust their budgets even as their bosses beg for more cash.
And the county’s employee pension fund is woefully underfunded, with only half the assets on hand to pay currently projected liabilities.
That’s roughly on par (depending on who is doing the estimating for whom) with Detroit’s underfunded pension funds — plagued as they have been in recent years by corruption, self-dealing board members and now the threat posed by Chapter 9 bankruptcy.
That’s roughly on par (depending on who is doing the estimating for whom) with Detroit’s underfunded pension funds — plagued as they have been in recent years by corruption, self-dealing board members and now the threat posed by Chapter 9 bankruptcy.
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