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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]
Detroit has had to fight off legislative efforts to turn control of the system to the suburbs. [18] The city has experienced some fiscal years of balanced budgets in the new millennium with new growth in business and tourism. [19] The city has planned a reduced workforce and more consolidated operations. [20]
Metro Detroit is a major metropolitan area in the U.S. state of Michigan, consisting of the city of Detroit and over 200 municipalities in the surrounding area. [2] There are varied definitions of the area, including the official statistical areas designated by the Office of Management and Budget, a federal agency of the United States.
As of 2009, German-based supermarket chain Aldi, which opened Detroit locations in 2001 and 2005, and the Michigan-based Spartan Stores were the grocery chains operating within the city of Detroit. [143] [147] In 2011, Whole Foods Market announced a new Midtown location in the city of Detroit. [150] [151] This location opened in June 2013 to ...
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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.
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 ...
As of January 1, 2016, under the terms of the City of Detroit's municipal bankruptcy the Great Lakes Water Authority (GLWA) was created with a $50 million annual lease agreement to the City of Detroit for 40 years, while the DWSD bifurcated to focus its services specifically on the water and sewer customers within only the city of Detroit. [2]