DETROIT (WWJ) – Both of Detroit’s municipal pension boards have agreed to concessions designed to save the city about $60 million, as Mayor Dave Bing works to slice into an enormous budget deficit.

The Mayor said the savings are from the General Retirement and Police and Fire pension systems.

READ MORE: Detroit Pistons To Play Regular Season Game Against Chicago Bulls In Paris

Bing has said those and other concessions are needed to help eliminate Detroit’s $155 million deficit and avoid a state-appointed financial manager.

READ MORE: School Loses Challenge To Expired Michigan Mask Order

The concessions could help the city avoid proposed cuts to the Detroit Institute of Arts and other cultural institutions.

Mayor Bing also is negotiating with city labor unions on health care concessions as part of his five-year deficit elimination plan.

MORE NEWS: 2 Charged With Murder After 16-Year-Old, 20-Year-Old Found Dead Near White Lake Township Pond

Earlier this month, Bing released his $3.1 billion budget plan to the City Council, saying the plan is a “strategic approach” to bringing stability to the city and must be done to “ensure Detroit’s survival.”