Michigan Officials Take Control Of Detroit's Empty Wallet
In a small public-TV studio before an invitation-only audience of 30 people, Michigan Gov. Rick Snyder made his case Friday for taking control of Detroit's finances away from the city's elected officials.
The state's signature city is grappling with a declining population, a dwindling tax base and decades of mismanagement — including corruption so pervasive at times that former Mayor Kwame Kilpatrick is currently on trial for federal racketeering charges.
That's left Detroit with a budget deficit of more than $300 million, and the city is unable to stem the flow of red ink.
....A manager would also attack that $14 billion in long-term debt — much of it stemming from pensions owed to retired workers.
Posts
No comments:
Post a Comment