Michigan Treasurer says Detroit to run out of money by May
Source: Reuters
Michigan Treasurer says Detroit to run out of money by May
By John Stoll
Lansing, Michigan | Tue Jan 10, 2012 4:24pm EST
(Reuters) - The struggling U.S. city of Detroit is on track to run out of money in May instead of April after spending changes made by city officials, Michigan Treasurer Andy Dillon said on Tuesday.
Dillon addressed media following a two-and-a-half-hour meeting with a team that is looking at Detroit's financial picture and trying to assess whether the city needs an emergency manager to take over operations. It was the first time the 10-member team met since it was appointed last month.
He said Detroit's most urgent issue is figuring out how to arrest escalating retiree health care costs, and clean up a balance sheet laden in debt and interest costs. Detroit Mayor Dave Bing had earlier predicted it would run out of money in April if spending wasn't curbed.
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Read more: http://www.reuters.com/article/2012/01/10/us-detroit-michigan-treasurer-idUSTRE80920G20120110