Detroit mayor to give budget presentation Friday to City Council
City has emergency manager; Deficit stands at about $327 million
Detroit Mayor Dave Bing presented his 2013-2014 budget to City Council on Friday.
Watch Local 4 News at Noon for details on what he had to say.
The current budget was for $1.1 billion and included $250 million in cuts aimed at bringing down Detroit's deficit, which now stands at around $327 million.
The city has been under an emergency manager since mid-March, when Gov. Rick Snyder gave the job to Kevyn Orr.
The new budget will be the first while the city is under Orr's oversight.
Orr spokesman Bill Nowling says the emergency manager must approve any budget decision made by the mayor and council. Orr also has the authority to reject or modify the budget.
A state-appointed review team report said the city faces a cash shortfall of more than $100 million by June 30, and that long-term liabilities, including unfunded pension liabilities, exceeded $14 billion. Detroit has been borrowing to continue operations and would have fallen about nearly $1 billion short last year if it hadn't issued new debt.
SPECIAL COVERAGE: Detroit in Crisis