Groveland Twp.- When the township hammers out a budget this spring a major item will be missing.
Debt.
Township Supervisor Bob DePalma said that part of the 2012-13 budget will include paying down about $206,000 in pension funding through the Michigan Employees? Retirement System (MERS).
‘Since we have the cash reserves the township can make the 8 to 9 percent interest in MERS compared to about 1 percent in the bank,? said DePalma. ‘There are three figherfighters and five who work in the office that will utilize the fund. The equipment is also paid off to outside lenders.?
The budget disscussion and vote will be at the 7 p.m., March 12 township meeting.
DePalma said the pension balance was down to about $500,000 a few years back..
‘We’ve paid that balance down so this year we can clear that off,? he said. ‘The contributions will continue, but will be considerably less than they were each year.?
The township budget for 2012-13 is estimated at $1,180,576. The estimated township reserve accounts total about $1.8 million.