As you may be aware, an initiative put into place by Gov. Snyder requires local government to measure their performance. This interactive financial dashboard which is now available on our website provides a clear picture of the City's Financial performance. The Dashboard and Citizen's Guide is the Accountability and Transparency requirement under the State of Michigan Economic Vitality Incentive Plan (EVIP).
As indicated by the State “Meeting this criterion will require the local unit to report on measures such as fiscal stability, economic strength, public safety, quality of life and other measures the local unit select that are relevant to the local unit’s strategic goals and objectives.” Click here to view the 2018 Performance Dashboard.
The purpose of the Citizens’ Guide is to provide citizens with a document that will help them better understand their City’s finances. We hope this presentation which shows important financial measures will be easily understood by the City’s citizen. Click here to view the 2018 Citizen Guide. The State of Michigan now provides access to the Citizen Guide at MICommunityFinancials.
2016 Retirement System Summary Annual Report
This summary report was prepared to give a brief overview of the Retirement System and Other Post-Employment Benefits, how it operates and what the City's funding progress is.
The retirement system, which is managed by Municipal Employees Retirement System of Michigan (MERS) is a financial program through which members and the City save together to help meet economic needs for retirement.
MERS fiduciary duty is to supervise the general administration of the system and invest its assets.
Other Post-Employment Benefits (OPEB) - Health care benefits that are paid to qualified retirees, in the period after employment, until age 65. OPEB is also managed by MERS.
The City contributes to the Retiree Heath Funding Vehicle (RHFV), to pre-fund future retiree healthcare. After age 65 a $200 per month stipend is given to qualified retirees. It is intended to be used to pay for an individual insurance policy that supplements Medicare-Medicaid.
The city's funding was less than 60% in retiree health care as of the most recent summary annual report. Since this report the city decreased it unfunded liability by depositing an additional $107,000 into the RHFV account making the funding at 65% at 6/30/17.
Click here to review the Retirement System Summary Annual Report