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Since Detroit's bankruptcy, the city set aside $455 million into the Retiree Protection Fund, which serves as a trust fund for pension payments and is intended to eliminate pressure on the budget ...
It also stated that the city's budget deficit would reach $386 million in less than two months and that one-third of the city's budget was going toward retiree benefits. [19] Declining city revenue led to the cash-flow shortfall in Detroit. In 2005, the city's budget was facing a $300 million deficit, sparking fears of potential receivership. [20]
Mayor Mike Duggan presented his proposed $1.2-billion budget for the 2023 fiscal year on Monday before City Council.
In 1986 a state court appointed a receiver, Louis Schimmel, for the city of Ecorse which had a $6 million deficit. The court appointed receivership lasted until 1990. [1]The financial emergency status, along with the Emergency Financial Manager (EFM) position, was first created in Public Act 101 of 1988 for the specific emergency in Hamtramck.
The Detroit City Council is the legislative body of Detroit, Michigan, United States. The full-time council is required to meet every business day for at least 10 months of the year, with at least eight of these meetings occurring at a location besides city hall. The Detroit City Council has elected Mary Sheffield to be its president. [2]
The first of three 2025 budget hearings kicks off the council's budget season, which includes one on a water rate increase. 2025 budget hearings start, including one on water rates Skip to main ...
The city is governed pursuant to the Home Rule Charter of the City of Detroit, and the Detroit City Code is the codification of Detroit's local ordinances. Unless a violation of the code or other ordinance is specifically designated as a municipal civil infraction (or unless expressly otherwise required by applicable state or federal laws), the ...
At issue is a $232M Transformational Brownfield tax capture developers say they need to finance the project near Henry Ford Hospital in Detroit. Comments get fiery at hearing over $3B New Center ...