Lansing's Financial Health Team will be presented with recommendations for dealing with the city's estimated $680 million in unfunded pension and retiree health care liabilities on Wednesday morning. The city worked with the state Treasury Department and a consulting firm to look at several policy changes that could help close the gap. The Financial Health Team's Long-Term Liabilities Committee will present the findings at a meeting at 7:30 a.m.
Mayor Virg Bernero formed the FHT in 2012. The city has adopted some of the changes it's recommended, cutting the unfunded costs by $200 million over 40 years. The debt has continued to grow because Lansing has twice as many retirees as active employees.
The Bernero administration recently undertook one of the FHT's biggest recommendation: selling the city hall building at the corner of Michigan Avenue and Capitol Avenue in downtown Lansing. The city council must still approve the deal that would move city officers to a new location at the site of the Lansing State Journal's former headquarters. The current city hall location would be turned into a hotel. The future of the Lansing Police Department's headquarters, the city lockup and 54-A District Court are still up in the air.
FOX 47 News will have updates on the Financial Health Team's recommendations throughout the day Wednesday. The meeting happens at 7:30 a.m. in Room 2214 of the Gannon Building at Lansing Community College.
