Retiree Obligations, Lack of Cash Hampers Michigan's Fiscal Condition

Retiree Obligations, Lack of Cash Hampers Michigan's Fiscal Condition [Michigan Capitol Confidential]:
"Retiree obligations and cash solvency for short-term expenses are hampering Michigan's fiscal condition, according to a new report.
The Mercatus Center at George Mason University recently published its “Ranking the States by Fiscal Condition” report.
According to the report's fiscal guidelines, Michigan ranks 35th, down one spot from the previous year.
...In this year's ranking, Michigan declined in terms of budget solvency because the state budget increased faster than revenue projections.
Michigan advanced in three categories during the fiscal year:
Long-run solvency moved up one spot from 25th to 24th; service-level solvency advanced three spots from 33rd to 30th; and trust-fund solvency progressed three spots from 35th to 32nd.
The state remained at 34th for cash solvency.
The state falls short of the national average in all five major categories. 
Most notably, Norcross and Olivia Gonzalez peg Michigan’s unfunded pension liabilities at $123 billion, 42 percent above the national average.
These unfunded liabilities, combined with other post-employment benefit plans and state debt, result in future expenses equal to about 38 percent of total state personal income..."