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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]
In December 2011 the State of Michigan found the city had a debt problem with up to $12 billion in long-term liabilities, causing the City of Detroit and Mayor Dave Bing to begin cutting costs every where possible. [15]
As of January 2011, in an effort to reduce costs, the city of Detroit was considering privatizing the Fire Department's EMS Division. Budget cuts led to the Chief of department closing a total of 10 Engine Companies and 4 Ladder Companies, effective July 4, 2012.
In 2011, about half of Detroit's 305,000 property owners failed to pay their taxes, leaving approximately $246 million (~$329 million in 2023) uncollected. [92] Michigan took control of Detroit's government after the city faced a $327 million deficit and over $14 billion in debt. [93]
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]
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 ...
At the time the state assumed control in 1999, Detroit Public Schools had a budget surplus of nearly $115 million. [21] At the end of the 2005 school year, the final year of the state's initial period controlling Detroit Public Schools, the district had accumulated a $31 million deficit.
When combined with the $23.4 B school budget Whitmer signed Tuesday, Whitmer's signature finalizes Michigan's $82.5B spending plan for 2025. ... $1 million for city of Detroit public parks and ...