Each Michigan taxpayer’s financial burden equals $14,700. Read report here: 2009 Michigan Financial State of the State Share and Enjoy:
(Dearborn Press & Guide) Pretending to fix a hole in your roof will not keep the rain out. Yet, this is what far too many local, state and federal governments have been doing for far too long. Reality has a way of catching up with you. Governments can’t outrun their financial obligations. The Institute for [...]
(Kalamazoo Gazette) How much would it cost the state of Michigan to pay off all its financial obligations? And how well does it fare against other states? In a review of the 2009 Comprehensive Annual Financial Reports of all 50 states, the Institute for Truth in Accounting says Michigan isn’t doing as bad as its Great [...]
(Watchdog.org) Michigan faces more than $41 billion in unfunded health care liabilities larger than most state pension systems. A battle is brewing to see who picks up the tab. Michigan retirement systems remain severely under funded despite recent law changes, state officials say, a problem faced by every state and most municipalities. According to government actuarial [...]
(Associated Press) Michigan lawmakers approved some pieces of the next state budget Thursday, but so far haven’t completed tax amnesty and state employee retirement incentive plans that are supposed to be approved before Oct. 1. Legislators are working to eliminate a projected $484 million budget deficit for the upcoming fiscal year without tax increases. Public schools [...]
(The Detroit News) Michigan likely will lose at least $260 million in Medicaid funding in the coming year, and possibly as much as $560 million, Gov. Jennifer Granholm said Thursday. Such a loss threatens mental health care, prescriptions and other Medicaid services that Michigan now provides but that are “optional” under the federal Medicaid program, Granholm [...]
The Legislature failed to rescind a scheduled 3 percent Oct. 1 pay raise for state employees this week, but the House cut 3 percent from the salaries in state department budgets it passed Thursday. The action means the raise is safe for now, but lawmakers or the state will have to come up with a [...]
(Associated Press) Republicans in the Michigan Legislature moved ahead Tuesday with proposals to balance the state budget without tax increases, opting instead to cut funding for universities and community colleges by 3.1 percent. The Republican-led state Senate voted 21-16 mostly along party lines to cut aid to the community colleges. The university budget passed 20-17. Both [...]
(ModernHealthCare.com) Michigan hospitals and physicians are criticizing the fiscal 2011 budget request unveiled by Gov. Jennifer Granholm, which would maintain an 8% cut to Medicaid reimbursement rates implemented in the current budget and create a new assessment on physicians to help the state cover its Medicaid costs. Share and Enjoy:
Michigan’s Comprehensive Annual Financial Report: http://www.michigan.gov/budget/0,1607,7-157-13406_13419—,00.html Michigan is required to pass a “balanced budget”. According Article III, Section 52 of the 1867 Constitution, in the budget the governor submits, the balance for total appropriations shall not exceed the balance of total revenues. Neither the governor nor the general assembly shall cause the total appropriations to [...]
