Warren Evans growing confident Wayne County can avoid bankruptcy | MLive.com:"The county faces a $52-million structural deficit, plus about $20 million being taken out of the general fund to make contributions to a troubled pension system that's only 44-percent funded."
2 comments:
The actual reason that Wayne County is 'contributing' $ 20 million to their pension funds every year is that the IRS has disallowed many of Robert Ficano's sweetheart retirement deals for his henchmen and women. IRS ruled that these deals were so extravagant that they violated Federal pension law, constituted looting of a pension fund, and then withdrew normal pension fund tax exemptions.
No elected Wayne County official can add or subtract numbers consisting of more than one digit. How Wayne County got itself into its current predicament and why they are oblivious to their impending doom. Wayne County CAFRs are a fun read. They haven't had a clean audit in 8 years.
Anon, great post!
Thanks!
Jim
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