2020 Fire and Police Pension Millage Informational Meeting - - PowerPoint PPT Presentation

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
• bligation
• 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

10th 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 10th 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?