By Ron Fonger, includes “A group that advocates for clearer disclosure of retirement liabilities for local governments says 10 Michigan cities are in poor financial condition with unfunded pension and other liabilities that they can't afford and aren't fully showing on today's balance sheets.
The nonprofit group Truth In Accounting claimed in a news release that the "hidden debt" of those cities range from $7 billion for the city of Detroit to $14 million for Kalamazoo. Other cities on the list with what TIA calls their true debts are: Lansing, $612 million; Flint, $539 million; Saginaw, $318 million; Grand Rapids, $278 million; Midland, $114 million; Battle Creek, $110 million; Jackson, $101 million; and Holland, $43 million.
"Current accounting practices allow for government financials that are neither accurate nor transparent," Sheila Weinberg, chief executive and founder of TIA, said in a news release. "Citizens deserve to know the truth about their city's financial condition, and without this knowledge they cannot make informed decisions ..." …”
Read the full article on: Mlive (Michigan)