*Detroit is in more trouble and of course, it’s fiscal trouble!
No one is surprised…especially the city’s new emergency manager.
The future is not looking good for the city of Detroit according to the city’s new emergency manager bankruptcy lawyer Kevyn Orr, who was brought in by the governor in March. He had 45 days to produce a report of his findings and as expected, they were not good.
At the time he assumed office, the city estimated its budget deficit to be about $327 million, but Orr found “that Detroit’s net position was negative $162 million as of April 26, and that the projected budget deficit is expected to reach $386 million in less than two months,” according to Fox News.
Orr dug up the issues that are killing the city softly finding that the city has been completely and foolishly mismanaged for quite some time. He found evidence of Dave Bing and the nine-member City Council’s poor management of the city “dysfunctional and wasteful after years of budgetary restrictions, mismanagement, crippling operational practices and, in some cases, indifference or corruption.”