DETROIT - Detroit's mayor has presented a new financial plan to the City Council that he says shows the city no longer is at risk of running out of cash by April as previously expected.
Mayor Dave Bing on Thursday laid out a financial and operational restructuring plan update to the Detroit City Council.
It highlights savings from 1,000 imminent layoffs, overdue payments from the Detroit Public Schools and a corporate tax increase Bing says will mitigate a cash shortfall. He also said the Detroit Department of Transportation system is now under private management.
"I should say to you that we've made progress from a financial standpoint. But, there is no silver bullet," Bing said.
In all, the mayor said he's found $40 million in savings.
"I must say I was looking for more things that are tangible, that had happened since you first presented the plan," Council President Charles Pugh said, addressing Bing. "There's not a lot of change."
A review team is looking into Detroit's finances -- a step in a process that could lead to Michigan taking over the city's government. Its recommendations will be forwarded to Gov. Rick Snyder.
Auditors have said Detroit may run out of money as early as April.
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