Detroit May Not Be In 'Severe Financial Stress'

According to a team reviewing the city's finances, a state-appointed emergency manager may not have to be put in place, indicating that Detroit isn't necessarily going broke. However, the city and union leaders must act quickly to prove so.

"The recent preliminary review from the state showed the city faces a nearly $200 million general fund deficit for 2011 and has taken on mounting debt to keep the city afloat.

Auditors had said Detroit could run out of money as early as April, but Detroit Mayor Dave Bing said recently that it won't because of cost-cutting and other measures taking effect.

Longer-term avoidance of a cash crisis likely depends on concessions not yet reached.

Bing's 18-month plan calls for $102 million in savings through June and $258 million over the 2013 fiscal year."

Thanks to Michael Snidal

Full Story: Team reviewing Detroit’s finances says city may still be able to avoid emergency manager
Tags: 

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Book cover of Insider's Guide to Careers in Urban Planning

So you want to be a planner...

Check out our behind the scenes look at 25 careers in the Urban Planning field
Starting at $14.95

City Coasters

Hand-drawn engraved maps of your favorite neighborhoods are divided up across 4 coasters making each one unique.
$36.00