Bloomberg News

Detroit Faces $45 Million Gap, State Takeover, Mayor Bing Says

November 17, 2011

Nov. 16 (Bloomberg) -- Detroit faces a $45 million deficit and called for union concessions to help avoid a state takeover, Mayor Dave Bing said in a televised speech.

“Our city is in a financial crisis and city government is broken,” Bing said today in the speech. “If we continue down the same path, we will lose the ability to control our own destiny.”

“Without change, the city could run out of cash by April with a potential cash short-fall of $45 million by the end of the fiscal year,” he said.

--Editors: Stephen Merelman, Ted Bunker.

To contact the reporter on this story: Chris Christoff in Lansing, MI cchristoff@bloomberg.net.

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net.


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