Audit: Detroit’s Deficit Grew To Nearly $327M
DETROIT (WWJ/AP) - An audit says Detroit’s accumulated general-fund deficit is nearly $327 million.
The audited figures for the fiscal year that ended June 30 show that the deficit grew about $130 million from the roughly $196 million shortfall the city reported for the 2010-11 fiscal year.
Detroit is awaiting the findings of a state-appointed review team, which for the second time in 12 months is looking into the city’s finances.
The first review led to a consent agreement between Mayor Dave Bing and Gov. Rick Snyder on a plan to turn the city around. If the current review determines the city is in a financial emergency, Snyder could appoint a manager to take over the restructuring job Bing is trying to complete.
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