Detroit debt http://michiganradio.org en Detroit is not the only city in Michigan facing enormous budget challenges http://michiganradio.org/post/detroit-not-only-city-michigan-facing-enormous-budget-challenges <p>All eyes are on Detroit this week, following Tuesday’s historic ruling on Detroit’s eligibility for bankruptcy. For those living outside the city, it's easy to separate themselves from Detroit's problems.&nbsp;</p><p>But many experts say Detroit is not alone.</p><p>Detroit is not Michigan's only city that faces enormous budget challenges. Unfunded liabilities and retiree debt are adding up all across our state.</p><p>Ted Roelofs, a contributing writer to Bridge Magazine, recently wrote <a href="http://bridgemi.com/2013/11/detroit-coming-to-a-city-near-you/">a piece</a> that argues that other cities in Michigan will not be immune to rising legacy costs that, in part, did Detroit in.</p><p>Roelofs and John Pottow, a bankruptcy expert at the University of Michigan, talk with us about the future of other Michigan cities in the wake of Detroit’s bankruptcy.</p><p><em>Listen to the full interview above.</em></p><p> Thu, 05 Dec 2013 21:49:45 +0000 Stateside Staff 15559 at http://michiganradio.org Detroit is not the only city in Michigan facing enormous budget challenges Detroit City Council has no alternative to $350M loan plan to pay off city's debt http://michiganradio.org/post/detroit-city-council-has-no-alternative-350m-loan-plan-pay-citys-debt <p>DETROIT (AP) - The Detroit City Council has decided not to push an alternative to a $350 million loan designed to help the city pay off some of its massive pension debt.<br /><br />Council members on Friday discussed the competing plan to the post-bankruptcy petition financial proposal engineered by state-appointed emergency manager Kevyn Orr.<br /><br />About $230 million from Barclays would be used to fully pay off a complicated pension debt deal involving two major creditors. The rest would be used to improve basic city services.<br /> Sat, 26 Oct 2013 12:41:00 +0000 The Associated Press 15009 at http://michiganradio.org Detroit City Council has no alternative to $350M loan plan to pay off city's debt This week in Michigan politics: Consolidating schools, creditors' bus tour, Detroit City Council http://michiganradio.org/post/week-michigan-politics-consolidating-schools-creditors-bus-tour-detroit-city-council <p>This week in Michigan politics, Jack Lessenberry and Emily Fox discuss the proposal to <a href="http://www.michiganradio.org/post/michigans-state-superintendent-wants-move-toward-county-wide-school-districts">consolidate school districts</a> into county-wide systems, the <a href="http://www.michiganradio.org/post/orr-cancels-detroit-bus-tour-creditors-pull-out">canceled bus tour</a> for Detroit creditors, and the new changes on the <a href="http://www.michiganradio.org/post/detroit-city-council-elects-new-leaders">Detroit City Council</a>.</p><p> Wed, 10 Jul 2013 13:43:46 +0000 Jack Lessenberry, Emily Fox & Michigan Radio Newsroom 13455 at http://michiganradio.org This week in Michigan politics: Consolidating schools, creditors' bus tour, Detroit City Council Orr cancels Detroit bus tour as creditors pull out http://michiganradio.org/post/orr-cancels-detroit-bus-tour-creditors-pull-out <p><span style="line-height: 1.5;">&nbsp;</span>Detroit emergency manager Kevyn Orr has cancelled a planned bus tour for the city’s Wall Street creditors.</p><p>Some of those creditors are in Detroit this week to meet with Orr, and&nbsp;to take a look at some of the city’s assets.</p><p>The planned tour would have put the creditors on a city bus, and taken them for some pretty grim sightseeing.</p><p>It was meant to convince them that the city’s condition is dire,&nbsp;and bondholders should big accept losses on their Detroit debt.</p> Wed, 10 Jul 2013 13:23:38 +0000 Sarah Cwiek 13457 at http://michiganradio.org Orr cancels Detroit bus tour as creditors pull out Battle heats up over funding, control of Detroit pension funds http://michiganradio.org/post/battle-heats-over-funding-control-detroit-pension-funds <p><span style="line-height: 1.5;">&nbsp;</span>The battle over&nbsp;control of&nbsp;Detroit’s two pension funds is heating up,&nbsp;with big consequences for city retirees and other creditors as&nbsp;the city&nbsp;creeps closer to&nbsp;possible bankruptcy.</p><p>Detroit has two pension funds: A general retirement system for most employees, and a separate system for&nbsp;the&nbsp;police and fire&nbsp;departments.</p> Tue, 09 Jul 2013 14:47:57 +0000 Sarah Cwiek 13434 at http://michiganradio.org Battle heats up over funding, control of Detroit pension funds Detroit mayoral candidate accuses state of inflating city's debt http://michiganradio.org/post/detroit-mayoral-candidate-accuses-state-inflating-citys-debt <p>A Detroit mayoral candidate says a state financial review team <a href="http://www.freep.com/article/20130227/NEWS01/130227060/Lisa-Howze-Detroit-mayor-candidate-says-city-s-debt-is-manageable-without-EFM?odyssey=tab%7Ctopnews%7Ctext%7CFRONTPAGE">vastly overstates the city’s debt burden</a>—and their motives are political.</p><p>Lisa Howze, a former state representative and an accountant, says her own calculations show the city’s debt load is just a little over $2 billion.</p><p>In its report outlining Detroit’s financial emergency, the state review team put the number at closer to $15 billion. Their report is now in Governor Snyder’s hands as he decides whether to appoint an emergency manager for the city. Thu, 28 Feb 2013 04:11:53 +0000 Sarah Cwiek 11454 at http://michiganradio.org Detroit mayoral candidate accuses state of inflating city's debt Detroit's cash crunch: Report highlights role of debt and legacy costs http://michiganradio.org/post/detroits-cash-crunch-report-highlights-role-debt-and-legacy-costs <p>A <a href="http://www.crcmich.org/PUBLICAT/2010s/2011/rpt373.html">recent report from the Citizens Research Council of Michigan</a> highlights a sometimes overlooked part of Detroit&rsquo;s current fiscal crisis: the city&rsquo;s debt and legacy costs.</p><p>According to the report, Detroit has about $14 billion in liabilities (though about $5.2 billion of that is for the Detroit Water and Sewerage Department, and thus shared with its suburban customers).</p> Mon, 05 Dec 2011 22:50:52 +0000 Sarah Cwiek 5259 at http://michiganradio.org Detroit's cash crunch: Report highlights role of debt and legacy costs