The Commercial Appeal
Detroit provides sobering example
When it comes to municipal finance, there’s a city out there that serves as a compass for Memphis. It’s Detroit. And it’s an example of what not to do.
We compare the cities as Memphis, having slogged through the long ordeal of raising the city tax rate, now must confront another difficult question: How best to handle the hole in its municipal pension fund? The unfunded pension liabilities total $624 million.