Detroit Mayor Dave Bing will hold a news conference at 2 p.m. today to discuss how the city will deal with a sudden $30 million cash shortfall by year’s end after the City Council’s decision to delay a key law firm contract the state wanted approved.
Bing’s office gave no indication of how it would proceed now that it appears likely the city won’t receive $10 million in bond-sale proceeds this month and possibly another $20 million in December — cash critical to the city’s ability to meet payroll and pay bills.
Source: Detroit Free Press. Read full article. (link)