Detroit Fiscal Analyst Sounds the Alarm Over Deficit

Carvila, Elizabeth
January 2005
Bond Buyer;1/12/2005, Vol. 351 Issue 32048, p30
Trade Publication
The article reports that the Detroit City Council and Mayor Kwame Kilpatrick's administration has planned to meet to discuss the expected budget shortfall, as warned by the council's fiscal analyst. The to meet has been exacerbated by the council's failure to approve up to US$1.8 billion of pension obligation certificates to help shore up the city's finances. Under the pension certificate plan, the city would shift the risk of higher costs related to its unfunded pension obligations to the market by paying current low interest rates on the debt.


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