Snyder, legislative leaders finalize overall state spending

LANSING, Mich. (AP) – Gov. Rick Snyder’s administration and top lawmakers have finalized a budget agreement that would spend more to address debt in the teacher retirement system and to fix aging infrastructure.

The new spending targets were signed Monday by state budget director Al Pscholka and chairs of the House and Senate budget committees. The agreement sets the stage for lawmakers to take final votes this week before a summer recess.

GOP legislative leaders had held in reserve nearly a half-billion dollars while negotiating legislation to steer more newly hired school employees into a 401(k)-only retirement plan.

The deal struck Monday calls for spending $255 million to reduce unfunded liabilities in a legacy pension plan, putting $35 million in a statewide infrastructure fund and adding $150 million to savings.

We welcome thoughts and comments from our viewers. We ask that everyone keep their remarks civil and respectful. Postings that contain profanity, racist, or potentially libelous remarks will be deleted. We will delete any commercial postings, as well.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s