Detroit in "extremely serious" fiscal shape: mayor

[The Northerner]

(Reuters) - Detroit is in "extremely serious financial condition" as it is projected to run out of cash next year and must take action to avoid a state takeover, Mayor Dave Bing said on Thursday.

Michigan's largest city is facing a projected cash shortage of about $150 million by the end of March, a statement from his office said.

To avoid having a state-appointed emergency financial manager, the city needs to address pension and health-care costs and "inefficient services" such as transportation and lighting, while labor union contracts need to be renegotiated before their expiration next June, the statement said.

"City government has to live within its means," Bing said in the statement. "Continuing to do business the same way is not an option, given our extremely serious financial condition. The last thing I want is for Detroit to be run by an emergency financial manager, whether it's me or someone else."

Read more: http://www.reuters.com/article/2011/11/03/us-detroit-financial-manager-idUSTRE7A26XK20111103

[slackmaster]

1. Mayor Bing gets the Sir Arthur Conan Doyle Award!

[valerief]

2. Are they going to sell Detroit to China or Saudi Arabia? nt

[mfcorey1]

3. But Detroit has always been on the brink financially...

[Pigheaded]

7. Not True

For many years Detroit had the highest per capita income and public works in the nation.

PH

[FarCenter]

4. Detroit Mayor Dave Bing: Only union givebacks can avert an emergency manager

The city of Detroit is on the verge of running out of money by February because of runaway pension and health care costs, prompting Mayor Dave Bing today to warn that the state may soon have no choice but to appoint an emergency manager to take over city finances and union contracts.

The only way to avoid a state takeover, Bing said in an exclusive interview with the Free Press, is for union employees to accept deep cuts in pension and health care benefits by the summer and agree to modify workforce rules that make it difficult for employees to be laid off or shifted to other positions.

Employees last year accepted 10% pay cuts.

“I was voted in as mayor, not an emergency manager,” Bing said in a conference room on the 11th floor of the Coleman A. Young Municipal Center. “I don’t want to be an emergency manager, but I came here to help the city, and if I was asked, I would consider taking the job.”

Bing emphasized that he wants to avoid the appointment of an emergency manager but sees no alternative absent union concessions, which could save the city about $100 million a year.

http://www.freep.com/article/20111103/NEWS01/111103032/Bing-Only-union-givebacks-can-avert-an-emergency-manager-city?odyssey=tab|topnews|text|FRONTPAGE

[dixiegrrrrl]

8. How much does Bing make a year?????

[FarCenter]

9. Bing appears to have wealth from his previous basketball and business careers

Mayor Dave Bing donated salary, gave others raises

Mayor Dave Bing says he's made good on his campaign promise to donate his $176,176 salary to the Detroit Police Department, but he's also hired a large staff and has have sizable raises to several employees when he took office.

http://www.mlive.com/news/detroit/index.ssf/2009/08/mayor_dave_bing_donated_salary.html

[Newest Reality]

5. Aren't more tax cuts

to the wealthy the tried and true, proven way to fix problems like that? Of course, they should also make absolutely sure that any corporations there are not paying taxes, that works well.

Maybe they should offshore more jobs in order to increase revenue? Why not subsidize big businesses.

Sheesh! You need people to be employed full-time and making decent wages in order to have a tax base, ey?

[Motown_Johnny]

6. Also, sky blue and grass green. Details at 11:00