Detroit Mayor Dave Bing said this morning that he has shaved $101 million off the city’s 2010-11 budget.
“This budget is balanced,” he said. “We’ve reduced general fund spending by $101 million to balance projections with all sources of revenue — property tax, income tax, wagering tax, utility user tax and state revenue sharing, all of which are going south again, down from $1.32 billion in the 2009-10 budget to $1.20 billion in this budget.”
Detroit was facing a $330-million accumulated budget deficit, the mayor said, but with the sale of $250 million in fiscal stabilization bonds, the deficit has been reduced to $85 million.
Full story: Bing: $101M shaved from Detroit’s 2010-11 budget | freep.com | Detroit Free Press