DETROIT (WWJ) – The city of Detroit is closer to insolvency than first thought, with Mayor Dave Bing suggesting that an emergency financial manager might be in the city’s future.
WWJ’s City Beat reporter Vickie Thomas spoke one-on-one with Mayor Bing and he says with a deficit of $184 million and anticipated revenue down $150 million, the city has a financial crisis on its hands.
“Reality is that we can’t continue to spend what we don’t have and continue to increase the deficit. That’s what’s happened in the past and I don’t want to be a part of that,” Bing said. “It could mean layoffs. It could be departments shutting down altogether.”
Hear WWJ’s Vickie’s Exclusive Interview with Mayor Bing: