Manager: Detroit could be out of cash by December
Tue, 16 Jul 2013 09:30:35 GMT —
Detroit's emergency manager says the city's financial condition remains "dire."
Kevyn Orr submitted his latest quarterly report to state officials Monday. He says Detroit could run out of cash by December if more action isn't taken to defer payments or conserve money. The 11-page report doesn't mention the possibility of bankruptcy.
Orr has been emergency manager for four months. His team is negotiating with creditors and pension funds to do something about billions in city debt. Pensions, retiree health care and debt payments make up 40 percent of the budget.
Orr says the city's workforce is down 11 percent compared to a year ago. Revenue from casinos and property taxes fell by $21 million during the fiscal year that ended June 30th.