Say goodbye to the Motor City
Report: Detroit bankruptcy looms without drastic change
Detroit – Mayor Dave Bing and the City Council must reduce the size of government and slash the city’s budget deficit to stave off bankruptcy or state receivership, according to a report released Monday.
Without draconian cuts and changes aimed at downsizing government, the city could end up with a “possible” general fund deficit between $446 million and $466 million to its $1.6 billion budget.
“Detroit city government must be restructured,” according to the report from the Citizens Research Council of Michigan, a nonprofit that has studied Detroit finances for decades. “The new structure must reflect both the reduced tax base and the limited ability of state government to provide shared revenues.”</em>
