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Flint Financial Manager Wants To Borrow Up To $20M

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FLINT (WWJ/AP) - Flint’s state-appointed emergency financial manager says he wants to borrow between $15 million and $20 million to help cover past deficits in the cash-strapped city.

Michael Brown discussed the plans Monday at a meeting where Flint Mayor Dayne Walling also delivered a State of the City address, according to the Flint Journal

Brown said the city will pursue fiscal stabilization bonds while working to plug a projected $20 million gap between revenues and expenses in the 2013 budget.

Brown also said that while there are indications that the national economy is recovering “it will be some time before we see the effects in Flint.” He said the city is meeting with municipal unions to discuss cost-cutting, but he expects the city’s workforce will shrink as it deals with the projected deficit.

TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.

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