  Paulmcall Member Username: Paulmcall Post Number: 591 Registered: 05-2004 |
Kind of lost in the Kwame morass is the state of the city's finances. Word is the city is $100,000 million short of balancing the budget. Guess Kwame lied about balancing the budget too. He must have figured $9 million was chump change and no one would notice. Can things get any worse? | ||
Iddude313 Member Username: Iddude313 Post Number: 153 Registered: 07-2005 |
yes | ||
Iheartthed Member Username: Iheartthed Post Number: 2682 Registered: 04-2006 |
That's about $200 million less than they were in the hole a couple years back... | ||
Livernoisyard Member Username: Livernoisyard Post Number: 5185 Registered: 10-2004 |
You could have read such spending overruns and tax revenue shortfall stories in the two local papers for most of Kilpatrick's years. If it's just $100 million, it's about 30% less than previous years. Detroit usually borrows $100+ million each year in short-term borrowing to continue one fiscal year into the next. Expect more defaulted property taxes due to foreclosures and bankruptcy too. Is this the same city of Detroit that Ficano said was going to be financially responsible for the bulk of Cobo Hall expansion? | ||
Mwilbert Member Username: Mwilbert Post Number: 90 Registered: 11-2007 |
I haven't looked at this closely, but it seems unlikely that Detroit will avoid receivership. There will probably be a substantial drop in property tax revenue over the next few years because of falling assessments and uncollectable accounts, and the budget hasn't been in good shape prior to this. Am I mistaken? | ||
Detroitnerd Member Username: Detroitnerd Post Number: 1904 Registered: 07-2004 |
Plus, they're getting revenue from selling shit. Didn't they sell off all rights to revenue from the tunnel for a one-time payment? They're cannibalizing revenue streams. That seldom produces good results. | ||
Paulmcall Member Username: Paulmcall Post Number: 596 Registered: 05-2004 |
The tunnel deal is not yet completed. | ||
D_mcc Member Username: D_mcc Post Number: 237 Registered: 12-2007 |
So this is true???: http://www.theonion.com/conten t/node/46937 I think The Onion might be reporting actual news for a change | ||
Buyamerican Member Username: Buyamerican Post Number: 392 Registered: 02-2007 |
Are City pensions protected? Can KK or council get their hands on that? | ||
Ray1936 Member Username: Ray1936 Post Number: 2750 Registered: 01-2005 |
They can't get their hands on it, but they can refuse to make the annual payments. Unions will take them to court, and they'll be ordered to pay, but it's a great stall. |
