BREAKING NEWS
Detroit will be out of cash by end of December if new revenue is not found
City officials confident they will head off crisis
Photographer: WXYZ
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 11/13/2012
DETROIT (WXYZ) - Detroit’s bank account is almost empty once again. The latest fiscal flare-up is being blamed on a shortage of expected revenue and higher healthcare costs.
News that the city is once again on the brink came Monday from the newly appointed program manager – a position created by Detroit’s consent agreement with the state.
The program manager, William (Kriss) Andrews, says the city will need between 3 to 5 million dollars by the end of December to keep from going broke.
As for the consent agreement with the state – it remains in place. But with the emergency manager law struck down last week, the state has fewer tools to deal with Detroit.
City council is hoping Detroit’s bond money will be unlocked by the state to help close the budget gap. A spokesperson for the governor’s office says no decisions about what will happen next have been made.
Andrews tells Action News he is confident the city will be able to secure the funds they need.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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