Detroit Could Lose $80 Million In State Funds

DETROIT (WWJ) – Stay with WWJ Newsradio 950 and CBS Detroit.com for coverage as Detroit Mayor Dave Bing and City Council meet to discuss the lawsuit surrounding the current financial agreement with the state.

Bing is expected to urge City Council members to push for withdrawal of the lawsuit filed by Detroit’s Corporation Counsel. The suit challenges the validity of the consent agreement with the state.

The state Treasurer’s Office says if the lawsuit is not pulled back, Detroit stands to lose $80 million in revenue sharing. If that happens, the city’s chief financial officer, Jack Martin, says Detroit will be out of cash by Friday.

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