Yes, thanks for pointing it out – I’ve corrected the caption.

Also, not stated even in the memorandum is that this has been occasioned by the new accounting requirements (GASB) for all local governments, or perhaps all governmental units. They must account for pension obligations in an actuarially sound manner. I think the Chronicle discussed this in a prior post.

There are many very concerning issues here. I’ll be commenting on some of the others.

One point: so when did SPARK become “the region’s economic development agency”? This organization has evolved from the nonprofit Washtenaw Development Council via the merger with the Ann Arbor-Ypsilanti LDFA to a somewhat opaque organization that does not file full public disclosure but receives massive funding from both the county and city general funds. I don’t remember when they were actually appointed as “our” agency.

From the material presented last time I assumed that a millage vote would be required. Now it sounds like the administration is just going to sell the bonds without a vote and leave the taxpayers stuck with a huge legally binding burden for decades. Is this legal or ethical?

I personally think the county needs a new administration with a mandate to renegotiate these commitments to something that it can afford with its current income. If the unions balk then file Chapter 9 bankruptcy. Buy these bonds at your peril, if they are issued I think they should not be repaid and I would guess that I am not alone.