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Old 05-31-2017, 05:10 AM
 
Location: Here.
14,549 posts, read 13,274,329 times
Reputation: 17026

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City has $63M surplus, deficit free two years in a row

But wait a second! I though white flight took all the money out of the city. I thought the greedy state was withholding money from the city making it impossible for them to balance the budget. I thought the evil corporations closing down their factories in the city destroyed the tax base. I thought we could't possibly expect a city of oppressed blacks ever arise to anything in this evil, racist, white supremecist-controlled, capitalistic, corporate world.

(sarcasm)
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Old 05-31-2017, 07:50 AM
 
Location: Ann Arbor MI
2,103 posts, read 1,348,306 times
Reputation: 2885
No bites yet? Maybe try some different bait? Whats your trolling speed?
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Old 05-31-2017, 08:27 AM
 
Location: Metro Detroit
1,786 posts, read 1,930,929 times
Reputation: 3554
Let's take a step back from the hate that Detroit so often receives, the racism, the partisanship, the us vs. them mentality, all that garbage... let's just consider this...

Detroit had a $326.6 million deficit in June 2012. This was up from 196.6 in 2011. By 2013 it entered an 18 billion dollar bankruptcy.

Today they reported FY 2016 ended with a $63 million surplus, actually exceeding the city's optimistic expectations of $44M by 53%. They then go on to project a FY 2017 surplus of $51M! That's a lot of people working together to achieve something pretty awesome.

How does this compare with some other cities?
Los Angeles is projecting a defecit of $224-million.
Chicago is celebrating a deficit of 137.6 million.
NYC is even looking at a 2 billion dollar deficit by the end of the decade if things don't improve.

Meanwhile, Detroit is balancing their books and probably looking for how to best use the surplus to beef up coming retiree issues. Good job, Mayor Duggan and state oversight staff. I would estimate that back in 2013 few could've possibly projected people would be having the discussion about how responsible Detroit staff has been with the budget. Now let's hope this continues to funnel its way into the neighborhoods as we recently saw in the Fitzgerald announcement.

Oh, and let us not forget that even Wayne County is anticipating a budget surplus this year, for a second straight year.
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Old 05-31-2017, 08:40 AM
 
292 posts, read 204,310 times
Reputation: 309
Quote:
Originally Posted by Geo-Aggie View Post
Let's take a step back from the hate that Detroit so often receives, the racism, the partisanship, the us vs. them mentality, all that garbage... let's just consider this...

Detroit had a $326.6 million deficit in June 2012. This was up from 196.6 in 2011. By 2013 it entered an 18 billion dollar bankruptcy.

Today they reported FY 2016 ended with a $63 million surplus, actually exceeding the city's optimistic expectations of $44M by 53%. They then go on to project a FY 2017 surplus of $51M! That's a lot of people working together to achieve something pretty awesome.

How does this compare with some other cities?
Los Angeles is projecting a defecit of $224-million.
Chicago is celebrating a deficit of 137.6 million.
NYC is even looking at a 2 billion dollar deficit by the end of the decade if things don't improve.

Meanwhile, Detroit is balancing their books and probably looking for how to best use the surplus to beef up coming retiree issues. Good job, Mayor Duggan and state oversight staff. I would estimate that back in 2013 few could've possibly projected people would be having the discussion about how responsible Detroit staff has been with the budget. Now let's hope this continues to funnel its way into the neighborhoods as we recently saw in the Fitzgerald announcement.

Oh, and let us not forget that even Wayne County is anticipating a budget surplus this year, for a second straight year.


Don't pay your creditors and you too will be sitting on a boatload of cash. It doesn't take rocket science to see what happened. You are aware that all past Mayors and the Mayors from the other cities have/ had to pay retiree hospitalization costs, cola, large pensions etc. If you want to thank someone it should be Kevin Orr
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Old 05-31-2017, 08:41 AM
 
4,153 posts, read 3,823,943 times
Reputation: 6834
This is fantastic news. This type of news and management has got to help improve city services and boost Detroit's recovery efforts.
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Old 05-31-2017, 11:02 AM
 
Location: Metro Detroit
1,786 posts, read 1,930,929 times
Reputation: 3554
Quote:
Originally Posted by ekman243 View Post
Don't pay your creditors and you too will be sitting on a boatload of cash. It doesn't take rocket science to see what happened. You are aware that all past Mayors and the Mayors from the other cities have/ had to pay retiree hospitalization costs, cola, large pensions etc. If you want to thank someone it should be Kevin Orr
Yep. There are a lot of pieces to the puzzle. Orr deserves credit, Jones-Day deserves credit, private investors like Dan Gilbert and the Illitch family deserve some credit. Your regular Detroit citizen who is going to work and staying current on their property taxes (or rent) deserves some credit. The point is Detroit finances were in painfully bad shape 4 years ago. Today they are not. Oh, there are issues. There are definitely issues with the city still, but at least today, with its clean(ish) financial bill of health the city has the potential to tackle these issues.
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Old 05-31-2017, 11:28 AM
 
Location: Detroit
3,671 posts, read 4,801,691 times
Reputation: 2624
I almost fell out of my bed when I read the title of the thread. I mean... where is Fox News? NBC? CNN? the click bait articles and newspapers? and all the rest of the Detroit bashing media crew? There were out in full force when Detroit was going through bankruptcy. In 2013 the empty fields of Brush Park with the GM building visible from a few miles away in the background was the most recognizable image coming out of the entire Midwest. I mean they all seemed so concerned!?!? Not a peep out of them now about Detroit's budget update? Can't say I'm surprised.

But anyway this is good, it means the city government is on the right track as far as doing their job. Now they got a little bit of spending money to get some lawnmowers to get all that grass cut. Have the juvenile's do it for time off their sentence or something.
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Old 05-31-2017, 12:25 PM
 
Location: Here.
14,549 posts, read 13,274,329 times
Reputation: 17026
Quote:
Originally Posted by ekman243 View Post
Don't pay your creditors and you too will be sitting on a boatload of cash. It doesn't take rocket science to see what happened. You are aware that all past Mayors and the Mayors from the other cities have/ had to pay retiree hospitalization costs, cola, large pensions etc. If you want to thank someone it should be Kevin Orr
But wait, I thought declaring bankruptcy was going to be the death knell of Detroit and Michigan. "No one will ever want to live here or do business here", "It will bring down the whole state", "The state should just bail us out".
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Old 05-31-2017, 06:34 PM
 
292 posts, read 204,310 times
Reputation: 309
Quote:
Originally Posted by Retroit View Post
But wait, I thought declaring bankruptcy was going to be the death knell of Detroit and Michigan. "No one will ever want to live here or do business here", "It will bring down the whole state", "The state should just bail us out".
Whoever said that don't understand how powerful and effective if used right a Federal bankruptcy can be. Be that Chapter 7, 11, 13 or whatever. The only ones who put out the gloom and doom are the unsecured creditors most of the time and Dave Ramsey who is getting paid by the unsecured creditors
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Old 06-01-2017, 06:00 AM
 
12,486 posts, read 7,587,441 times
Reputation: 4755
Detroit became solvent the same way that the auto companies did.....by getting rid of their legacy cost through bankruptcy. As noted, this was not due to the deft management skills and lack of corruption of the current Mayor, but rather, the NEW balance sheet inherited post Kevin Orr.

The synergy of a "clean start" (via ditching creditors and past obligations) and the massive business investment taking place downtown makes the job of managing the city a lot easier.
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