By Andrew Rafferty, Staff Writer, NBC News
The report found the Motor City faces a cumulative cash deficit of more than $100 million by June 30, 2013 if "significant spending cuts" are not made. Detroit has $14 billion in employee retirement liabilities and unfunded pensions, and will need $1.9 billion over the next five years to pay off other long-term liabilities. The city has been running deficits every year since 2005, according to the review team…..
lot of the ingredients for the turnaround of the city are in place," said Frederick Headen, legal advisor for the Michigan Department of Treasury and member of the review panel. "Now we just need to execute and I do believe strongly that Detroit is fixable."
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