First Post-Bankruptcy Budget to Be Announced by Mayor

LND,

First post-bankruptcy annual budget will be addressed by Detroit Mayor Mike Duggan. The budget will be discussed at the Detroit City Council on Tuesday. It’s not going to be same this year. That is because, most of the budget is already laid out in the city’s court-approved bankruptcy exit plan, that was formally known as a ‘plan of adjustment.’ Brenda Jones, City Council President said that Detroit’s elected officials have just a limited role in the city’s post-bankruptcy budget process.

Jones said, “It’s a new process, because this is the emergency manager’s budget.” He also mentioned that the budget will also need an approval from a state-appointed financial review commission. There will be the council’s usual round of budget hearing after Mayor’s address. “We will go through the process as we generally do and we are going to do our job,” Jones commented.  There was a meeting of the Detroit financial review commission on Monday. Members of the commission reviewed the budget numbers presented at a revenue estimating conference Detroit held in the last week.

Officials informed that revenues are actually coming in slightly higher than projected. However, on the other hand, the general fund budget itself could come in slightly under-budget. Moreover, there is a possibility of major modification before the budget is finalized mid-year. Some big unresolved issues include finalizing the deal that will spin off part of the Detroit water department in the regional Great Lakes Water Authority; and potentially restructuring some of the city’s remaining $1.9 billion in outstanding debt…. MORE

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