UPDATE (11:15 a.m.) – This morning’s meeting has ended with the team considering options to cover the costs other than raising taxes or cutting city services.
UPDATE (8:10 a.m.) – The meeting has begun and the group is exploring options on how to deal with the unfunded liabilities like pensions and healthcare for Police, Fire and employees.
Former mayor David Hollister told 6 News the group will pick the “least worst option” and asks for patience while solutions to paying the growing legacy costs are found.
This story will continue to be updated online.
LANSING, Mich (WLNS) – Today leaders from the city of Lansing will release the preliminary draft of their much-anticipated review of unfunded liabilities for pensions and health care costs.
A study of these so-called “legacy costs” was commissioned by Mayor Virg Bernero and the City Council.
Estimates place them as high as $675 million over the next 30 years.
The city’s “Financial Health Team” created by Bernero back in 2013 will recommend actions for the city to take based on the study of these costs.
The mayor says this is the first step to handling legacy costs and, just as it took a long time for those costs to build up, fixing the problem will not happen overnight.
This story is developing through the day and will be updated.