By Andrea Goodell, includes “Holland’s finance chief isn’t disputing the unfunded pension liabilities outlined in a Truth in Accounting study, but he does dispute any misgivings about transparency. The nonprofit’s Michigan study lists the debts of 10 different cities across the state, including Holland.
The city has $81.5 million set aside for future pension liabilities, which the actuaries say total $119 million. That leaves the city’s pension obligations 68 percent funded. “I would rather it be more than that, but it’s not,” Holland Treasurer Tim Vagle said. … “Current accounting practices allow for government financials that are neither accurate nor transparent,” Sheila Weinberg, CEO and founder of TIA, said. …”
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