Finance and Taxes

What Design Changes Did the FHT Recommend for the East Lansing’s Pension Plans?

Saturday, May 19, 2018

East Lansing’s Financial Health Team (FHT) was aware that the City had already changed from defined benefit to hybrid plans for new hires in many employee groups. These new hybrid plans began in 2010 and 2011, and 125 City employees had been enrolled in these plans by December 2016. (This already represents 47% of the total of the 268 current employees who are participants in the City’s retirement system.)

East Lansing’s Council Decided Issuing Bonds to Reduce Pension Liabilities Is Too Risky

Saturday, May 19, 2018

East Lansing’s Financial Health Review Team (FHT) recommended that the City Council consider having the City issue $30 or $40 million in bonds in order to make a lump-sum payment into the pension funds, thus reducing its unfunded liabilities. The goal would be to make the City’s annual required payments more manageable and more stable. Of course, by issuing bonds, the City would incur interest payments for the duration of the bonds.

Council Puts New Income Tax Proposal on August Ballot

Monday, May 14, 2018

East Lansing’s City Council voted unanimously tonight to put an income tax on the August 7 ballot. The proposal looks different from the measure that failed in November, and is aimed at dealing with the City's major financial problems.

Income Tax Looks Likely for August Ballot

Thursday, May 10, 2018

City Council will likely vote on Monday whether to put an income tax on the August 7 ballot. ELi's Jessy Gregg tells you what Council had to say about the issue at last night's meeting.

Public Hearings on New EL Tax Proposals Set for May 9

Thursday, May 3, 2018

Next Wednesday, May 9, City Council will hold public hearings on what (if any) tax proposal to put on the August ballot for East Lansing. ELi's Chris Root explains the draft proposals and tells you how you can weigh in.

Pages