2020 Fire and Police Pension Millage Informational Meeting Election day March 10, 2020
Fire & Police Pension Millage Vote on March 10th • PA 345 levied in Oak Park, Berkley, Madison Heights, Southfield and another 33 Michigan communities • Provides certainty for meeting pension obligation of public safety retirees who do not receive social security • Provides a path to fully fund the public safety pension obligation • All new millages must be voted on and approved by taxpayers
Fire & Police Pension Millage Vote on March 10th • City placed the Fire & Police pension millage on the March 10 th ballot to be collected beginning in July 2020 • Pension millage capped at 3 mills but is estimated to range from less than 1 mill to 2.7 mills • Pension millage to be collected for no more than 25 years • March 10 th is presidential primary • Voters can select a republican ballot, democrat ballot or a ballot without a presidential primary option
Estimated Millage Requirements • 2020 2.4160 2029 2.4512 • 2021 2.0995 2030 2.4806 • 2022 2.1898 2031 2.5269 • 2023 2.2056 2032 2.5720 • 2024 2.2434 2033 2.6069 • 2025 2.2874 2034 2.6607 • 2026 2.3307 2035 2.7089 • 2027 2.3765 2036 2.7255 • 2028 2.4222 2037 .7216
Estimated Millage Requirements • 2038 .7193 • 2039 .7205 • 2040 .6985 • Average 2.1114 • Assuming a 2% increase in taxable value, revised 2020 estimate for millage is 2.2633 (not 2.4160) • Tax calculator on website for first year estimated millage
Proposed Road Improvement Plan • The following roads in the first phase of the road construction project: • Borgman (Huntington to York) • Kingston (Coolidge to Berkley) • Kingston (Berkley to Henley) • Kingston (Scotia to Newport) • Humber (11 Mile to Borgman) • Talbot (Newport to Meadowcrest) • The next phase of the road construction project has not been identified.
Proposed Road Improvement Plan • Roads in poor condition and have a water main break history are prioritized for reconstruction • Road not reconstructed will be assessed to determine the most appropriate repair strategy • If approved, work expected to begin this summer
Questions?
Recommend
More recommend
