The cash-strapped district is paying $7,600 a day in interest penalties alone.
State revenue is $289 million short of projections in the current budget and $527 million below expectations for next year – largely because of large companies cashing in tax credits.
Financial woes in the Detroit Public School District are expected to continue for the next three years and that will mean more school closings.
An audit says Detroit’s accumulated general-fund deficit is nearly $327 million.
A team to responsible for reviewing Allen Park’s finances says Gov. Rick Snyder should appoint an emergency manager to run the city southwest of Detroit.
Flint’s state-appointed emergency financial manager says two police unions and a firefighters union have voted to approve labor agreements with the city following talks about potential concessions.
The mayor of Highland Park is putting together a financial team as he works to stave off the threat of an emergency manager stepping into his city.
Flint’s city employee union contracts are under review for possible renegotiation, according to a new financial plan from a state-appointed emergency financial manager.
Although the New Year brings promise to a struggling city like Detroit, some of the city’s high-profile cultural sites could be in jeopardy.
The Detroit Public School district has been steadily losing students over the past several years and now the district will likely be losing hundreds of teachers over the next few years.