LANSING, MI. (WLNS) – Lansing’s financial health team will meet to diagnose some of the city’s biggest money problems.
A pledge from state leaders could make all the difference.
The city’s pension fund is in serious trouble, over $600 million worth of trouble to be exact.
The Lansing City Council approved a $100,000 grant for the financial health team to hire a consultant to determine how to deal with surging legacy costs.
The team will hear the proposal from the state on their plan to match the grant total.
6 News spoke with former Lansing Mayor Dave Hollister on Wednesday and we asked him how the city can manage to pay out the pensions without asking city residents to pay-up.
“We’re going to look at using Obamacare, we’re going to look at maybe consolidating maybe with the state”, said Hollister.
“We’re going to look at a lot of options or you can have the other option, go bankrupt like it happened in Detroit, and lose everything.”