fiscal stabilization bonds http://michiganradio.org en Flint budget calls for higher fees/curtailed city services http://michiganradio.org/post/flint-budget-calls-higher-feescurtailed-city-services <p>Next year, the city of Flint will charge residents higher fees in exchange for less service.</p><p>The budget plan unveiled last night was greeted with anger from city residents and city council members.</p><p>The budget plan calls for trimming 20 percent of city government workers from the payroll.&nbsp;&nbsp; Flint police officers and firefighters are not being spared.&nbsp;&nbsp; The emergency manager didn&#39;t include public safety officers in the budget whose positions are funded with grant money that hasn&#39;t been secured yet.</p> Tue, 24 Apr 2012 02:18:29 +0000 Steve Carmody 7164 at http://michiganradio.org Flint budget calls for higher fees/curtailed city services Flint city council to be briefed on next year's budget by emergency manager http://michiganradio.org/post/flint-city-council-be-briefed-next-years-budget-emergency-manager <p>The Flint City Council will hear this afternoon how the city&rsquo;s emergency manager plans to spend the city&rsquo;s money next year.</p><p>Emergency Manager Michael Brown has been poring over Flint&rsquo;s finances since he was appointed by Governor Snyder in December to deal with the city&rsquo;s &ldquo;financial crisis.&rdquo;</p><p>Brown&rsquo;s budget plan for next year is expected to reflect the need for further financial belt tightening for a city that has already felt the pinch of past cuts.</p><p>Flint&rsquo;s finance director has said the budget will probably show the city will have to do &ldquo;less with less.&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That may include layoffs and furlough days for city employees.</p><p>Several city unions agreed to contract concessions this month.</p><p>The emergency manager&rsquo;s budget plan may also include selling bonds to address Flint&rsquo;s long-term debt problem. Mon, 23 Apr 2012 13:34:47 +0000 Steve Carmody 7148 at http://michiganradio.org Flint emergency manager preparing to send budget plans to state http://michiganradio.org/post/flint-emergency-manager-preparing-send-budget-plans-state <p>Flint&rsquo;s emergency manager and his staff are working this week to wrap up a budget plan for the city.&nbsp;&nbsp;&nbsp; The plan will include a request for up to $20 million in bonds to help close the city&rsquo;s massive budget deficit.</p><p>Flint Finance Director Jerry Ambrose hopes the plan will be ready to submit to the state by early next week.&nbsp;&nbsp; He says the budget plan will address the need to do &ldquo;less with less&rdquo;.&nbsp;&nbsp; Ambrose says layoffs and furlough days are likely.</p> Mon, 09 Apr 2012 20:16:32 +0000 Steve Carmody 6970 at http://michiganradio.org Flint emergency manager preparing to send budget plans to state Audit shows one bright spot in Flint's bleak financial picture http://michiganradio.org/post/audit-shows-one-bright-spot-flints-bleak-financial-picture <p>&nbsp;A new audit finds the city of Flint is still struggling with millions of dollars of&nbsp;debt.&nbsp;&nbsp;&nbsp; But the report shows one bright spot for the troubled city.&nbsp;&nbsp;</p> Fri, 30 Dec 2011 12:53:25 +0000 Steve Carmody 5590 at http://michiganradio.org Audit shows one bright spot in Flint's bleak financial picture Flint can issue bonds to address deficit, still more to do http://michiganradio.org/post/flint-can-issue-bonds-address-deficit-still-more-do <p>The city of Flint has scored a partial victory in its efforts to get its city budget deficit under control.&nbsp;&nbsp; But there is still more work to do. <a href="http://The Flint city council must still approve the $8 million bond issue. ">The city of Flint </a>is looking at a projected $17 million&nbsp;budget deficit.&nbsp;&nbsp;</p><p>City leaders had asked the state for permission to sell $20 million&nbsp;in bonds to stabilize Flint&rsquo;s budget. But the state only approved&nbsp; $8 million&nbsp;in bonds. The Flint City Council must still approve the $8 million&nbsp;bond issue.&nbsp;</p><p>Flint mayor Dayne Walling says that will help get the city through the current fiscal year. Flint has already laid off dozens of city employees, including police officers.&nbsp;</p><p>But Walling says Flint may need to cut $12 million&nbsp;in city spending next year. The mayor says a proposed change in state revenue sharing could force evcen deeper cuts next year.</p><blockquote><p>&ldquo;We of course need to see where the state finally comes down with state revenue sharing when they&rsquo;re through with their budget process.&nbsp; Of course the legislature will have its say on the governor&rsquo;s proposal.&rdquo;</p></blockquote><p>Flint, like other Michigan cities, stands to lose millions of dollars under the governor&rsquo;s proposed changes to state revenue sharing. Tue, 15 Mar 2011 19:13:22 +0000 Steve Carmody 1664 at http://michiganradio.org Flint can issue bonds to address deficit, still more to do Flint making the case for a $20 million bond http://michiganradio.org/post/flint-making-case-20-million-bond <P>UPDATE 3:30pm</P> <P>&nbsp;</P> <P>The Finance and Claims Committe of the State Administrative Board unanimously passed the city of Flint's resolution requesting a $20 million fiscal stabilization bond.&nbsp;&nbsp; The resolution now goes to the full board February 15th.&nbsp;</P> <P>&nbsp;</P> <P>11:55am 2/0711&nbsp;&nbsp;</P> <P>&nbsp;</P> <P><A href="http://en.wikipedia.org/wiki/Flint,_Michigan">Flint</A> city officials will be in Lansing&nbsp;Tuesday.&nbsp;The city has applied for state permission to get a $20 million&nbsp; ‘<A href="http://www.michigan.gov/buymichiganfirst/0,1607,7-225-48756-21005--,00.html">fiscal stabilization bond.'&nbsp;</A></P> <P>Flint is facing a multi-million dollar budget deficit this year and other long-term debts.&nbsp;<A href="http://en.wikipedia.org/wiki/Dayne_Walling">Flint mayor Dayne Walling </A>says the city needs the money to help keep the city afloat financially.&nbsp;</P> <BLOCKQUOTE> <P>“There is nothing more important for our city right now than the bond.&nbsp;&nbsp; We’ve been carrying a crushing load of past deficits on our shoulders.&nbsp; And we’ve come to the point where the pooled cash is not there to make payroll throughout the entire month of March without an infusion of cash.”&nbsp;&nbsp;</P></BLOCKQUOTE> <P>Walling is optimistic state officials will approve their bond request.&nbsp;&nbsp;</P> <BLOCKQUOTE> <P>“If this, for some reason, were not approved by the State Administrative Board, then we’ll get right back to the table with Treasury and we’ll talk about what our options are."</P></BLOCKQUOTE> <P>&nbsp;&nbsp;&nbsp;If the city of Flint can’t get the money it needs, the state may eventually takeover Flint’s finances. Mon, 07 Feb 2011 16:55:17 +0000 Steve Carmody 1188 at http://michiganradio.org Flint making the case for a $20 million bond