Audit shows Detroit has $327M deficit

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January-03-13, 11:27 AM
Zacha341

Audit shows Detroit has $327M deficit

Anyone recall the grand days under Kilpatrict when the city coulld not produce timely audits [[especially the last couple of years)? The millions were ticking up then! Now we have a $196-million shortfall the city under Bing [[2010-11) onward...

Specifics as cited from article:
Budget woes from the 2011-12 fiscal year
• $66.6-million decline in state revenue sharing
• $34.9-million drop in property taxes
• $12.9-million decrease in other revenues, mainly because of a onetime $20-million receipt in 2010-11 from the Greater Detroit Resource Recovery Authority
• $21.7-million liability for the Detroit Department of Transportation’s employee benefits obligations
• $5.5-million subsidy to the Construction Code Fund to offset a fund deficit

See article:
http://www.freep.com/article/2013010...s-327M-deficit
January-03-13, 11:29 AM
Novine

More evidence of how the state balanced its budget at the expense of local governments. Snyder and Co. in Lansing helped create the financial emergencies that are hitting so many local communities.
January-03-13, 11:34 AM
TKshreve

Quote:

Originally Posted by Zacha341

Anyone recall the grand days under Kilpatrict when the city coulld not produce timely audits [[especially the last couple of years)? The millions were ticking up then! Now we have a $196-million shortfall the city under Bing [[2010-11) onward...

Specifics as cited from article:
Budget woes from the 2011-12 fiscal year
• $66.6-million decline in state revenue sharing
• $34.9-million drop in property taxes
• $12.9-million decrease in other revenues, mainly because of a onetime $20-million receipt in 2010-11 from the Greater Detroit Resource Recovery Authority
• $21.7-million liability for the Detroit Department of Transportation’s employee benefits obligations
• $5.5-million subsidy to the Construction Code Fund http://images.intellitxt.com/ast/adTypes/icon1.png to offset a fund deficit

See article:
http://www.freep.com/article/2013010...s-327M-deficit

What city, municipality, state, federal government, country isn't under funded and/or in debt this day and age? The only groups doing well are the blood sucking, wage diminishing, outsourcing private corporations. All hail the mighty shareholder.

Welcome to 2013. Our way of life is so hooked on credit and materialism it's sickening. Meanwhile another 30,000 Bieber albums just flew off the shelf. smh
January-03-13, 11:38 AM
Honky Tonk

Quote:

Originally Posted by TKshreve

What city, municipality, state, federal government, country isn't under funded and/or in debt this day and age? The only groups doing well are the blood sucking, wage diminishing, outsourcing private corporations. All hail the mighty shareholder.

Welcome to 2013. Our way of life is so hooked on credit and materialism it's sickening. Meanwhile another 30,000 Bieber albums just flew off the shelf. smh

C'mon, out with it, how do you REALLY feel? We're all heading for serfdom.
January-03-13, 11:41 AM
Zacha341

Hah! Just don't take away my facebook and internet! --:rolleyes:-- Jokes. I don't have a FB......

Quote:

Originally Posted by Honky Tonk

C'mon, out with it, how do you REALLY feel? We're all heading for serfdom.
January-03-13, 11:51 AM
Honky Tonk

Quote:

Originally Posted by Zacha341

Hah! Just don't take away my facebook and internet! --:rolleyes:-- Jokes. I don't have a FB......

Neither do I. I actaually drove past the CPA building yesterday to take a look @ it. But that's for the other string.
January-03-13, 12:23 PM
coracle

Quote:

Originally Posted by TKshreve

What city, municipality, state, federal government, country isn't under funded and/or in debt this day and age? The only groups doing well are the blood sucking, wage diminishing, outsourcing private corporations. All hail the mighty shareholder.

Welcome to 2013. Our way of life is so hooked on credit and materialism it's sickening. Meanwhile another 30,000 Bieber albums just flew off the shelf. smh

It's "...the blood sucking, wage diminishing, outsourcing private corporations." workers and shareholders that earn the money to be grossly misused by the "...city, municipality, state, federal government, country..." welfare and food stamp "collectors" et al. They are not sucking their own blood it's the Public Sector as defined by you that does all the sucking. What the hell is "Bieber"?
January-03-13, 12:32 PM
TKshreve

Quote:

Originally Posted by coracle

It's "...the blood sucking, wage diminishing, outsourcing private corporations." workers and shareholders that earn the money to be grossly misused by the "...city, municipality, state, federal government, country..." welfare and food stamp "collectors" et al. They are not sucking their own blood it's the Public Sector as defined by you that does all the sucking. What the hell is "Bieber"?

You're more out of touch than Romney was.
January-03-13, 02:23 PM
Honky Tonk

Quote:

Originally Posted by TKshreve

You're more out of touch than Romney was.

No kidding, everyone's seen the reruns about the white, rich, small town, suburban family.....
January-03-13, 05:48 PM
coracle

Quote:

Originally Posted by TKshreve

You're more out of touch than Romney was.

Your flipant reply; ignoring the real content involved, indicates you are more likely to be one of the bloodsuckers than one of those feeding them. Who the hell is Bieber?
January-03-13, 08:11 PM
ElbertHanks

Quote:

Originally Posted by coracle

Your flipant reply; ignoring the real content involved, indicates you are more likely to be one of the bloodsuckers than one of those feeding them. Who the hell is Bieber?

Owen Bieber can sing?
January-03-13, 10:20 PM
Jimaz

Quote:

Originally Posted by coracle

Quote:

Originally Posted by TKshreve

You're more out of touch than Romney was.

.... Who the hell is Bieber?

Funny. Let me Google that for you.

No, you're not out of touch at all. :rolleyes:
January-04-13, 09:24 AM
evergreen

More than ever I am convinced that bankruptcy is the only alternative. You cannot squeeze this much blood from the employees alone as Bing and Snyder are trying to do. If Council's recent proposals are enacted [[20% paycut plus higher insurance premiums and pension contributions) many employees will experience a reduction of pay of more than a third compared with their pay prior to the current crisis. [[They've already absorbed a 10% paycut.) In addition, pensions have already been reduced for future retirees. Please consider the impact of a 33% reduction in pay!! Many employees, especially those previously earning 27 to 35k per year will be eligible for food stamps.

It's time to go to bankruptcy and distribute the pain of Detroit's financial disaster to more backs than those of the employees.

Finally, it's a pity that the recall Bing movement seems to have so little organizational traction. Think about the fact that the mayor of Warren is appealing to the state to assist Detroit in remedying the crime situation. Bing does nothing, proposes nothing, apparently waiting for his masters to feed him his lines. Bing is a void, a vacuum at the city's helm at a moment of great crisis.