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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]
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 ...
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 ...
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]
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]
Mayor Mike Duggan presented his proposed $1.2-billion budget for the 2023 fiscal year on Monday before City Council. Detroit Mayor Mike Duggan says online gaming revenue helped offset budget ...
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.
Detroit Budget Director Steve Watson said the strike ended up costing the city about $2.5 million in lost tax revenue in October. That came out to about $180,000 in daily tax losses, versus their ...