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The Municipal Advisor
For Michigan

MFCI financial advisors bring individualized, innovative, expert, analysis and consultation to every client.


$13.6 Billion of Michigan Municipal Bond Issuance since 1981.


We solely focus on Michigan. From townships to school districts to cities, we know every municipal unit is unique; each building, project, and challenge different from the next.


With leading marketplace insight, vast industry experience and expert financial analysis, MFCI’s financial advisors offer smart, innovative solutions for the present, while proactively setting each client up for the future.


Advisory on a first name basis.

At MFCI, our professional advisors develop personal relationships with clients to provide any endeavor with the most beneficial outcome possible.

Whether over a cup of coffee or a friendly phone call, let’s get to know each other.


MFCI was founded in the heart of Detroit, MI in 1981, and has since worked closely with municipalities throughout the state of Michigan. Our 30+ years of industry experience within our state’s communities have allowed us be interconnected throughout public finance, legal, and professional services.


As fellow Michiganders, our advisors work to provide our communities and organizations with leading financial analysis, progressive thinking and creative solutions for whatever challenges may arise.


A Taylor & Morgan Company

In 2018, Taylor & Morgan, a Michigan-based pioneer in accounting and finance, acquired MFCI.


Steven A. Burke, CFA


Steven Burke, CFA is an experienced financial professional with over eleven years as a financial professional. He is a graduate of Virginia Tech with a Bachelor of Science in Business, Finance. Steven is a Chartered Financial Analyst (CFA) Charterholder, the highest distinction in the financial profession. The CFA designation is the gold standard and the highest distinction in the financial profession. The Charter demonstrates not only his expertise but also his commitment to upholding the highest degree of accountability and ethical practice.

John R. Axe
Senior Financial Advisor


John Axe founded MFCI in 1981 and has over 50 years of municipal legal and financial experience. Since the founding of MFCI, Mr. Axe has structured, marketed, closed, and delivered nearly 2,000 bond and note issues in Michigan. He is a graduate of the University of Michigan and Harvard Law School.


Mr. Axe is a co-author of Municipal Michigan Law, a two-volume work published in 1981 by the Institute of Continuing Legal Education for The University of Michigan. Mr. Axe served on the Board of Directors of the National Association of Bond Lawyers (NABL) from 1987 to 1990. He also served on the Steering Committees for NABL’s Bond Attorneys’ Workshop for the years 1980, 1981, 1983, 1986, 1989 and 1990. In 1992, he was appointed as a member of the Permanent Adjunct Faculty of the Wayne State University Law School where he teaches public finance.


Experience and Innovations
Since 1981

Historical Bond Issues

Total Bond Issues by Year


Since its founding in 1981, the professionals at MFCI have changed the way Michigan municipalities sell bonds. Our professionals introduced the following innovations to Michigan public finance:

  • MFCI was the first financial consulting firm in the State of Michigan to accept bids for a public sale via the internet.
  • The first advanced refunding sold at competitive sale.
  • The first competitive sale to use a financial surety bond in lieu of a good faith check. (Today nearly all competitive sales use a financial surety bond. The result is that more bids are submitted from out-of-state bidders that were previously unable or unwilling to bid on Michigan issues).
Kent Lake


MFCI is the leader among firms providing financial consulting services to governments in the state of Michigan. Since 1981, MFCI has been advising cities, counties, villages, townships and other municipal units on the best way to solve financial problems. We focus on the development of individualized plans for a municipal client to market its bonds, notes, and other debt and revenue obligations.

County of Alcona
County of Alger
County of Alpena
County of Bay
County of Benzie
County of Berrien
County of Branch
County of Cass
County of Chippewa
County of Delta
County of Grand Traverse
County of Ingham
County of Iosco
County of Iron

County of Isabella
County of Lake
County of Macomb
County of Marquette
County of Montmorency
County of Oakland
County of Osceola
County of Otsego
County of Roscommon
County of Schoolcraft
County of Tuscola
County of Van Buren
County of Washtenaw


City of AuGres
City of Imlay City
City of Lincoln Park
City of Morenci

City of Omer
City of Portage
City of Warren
City of Zilwaukee


Village of Otisville
Village of Oxford

Village of Reese
Village of St. Charles


Baldwin Township
Green Oak Township
Hartland Township

Marion Township
West Branch Township



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