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Mon February 14, 2011
Decision day for Flint's finances
By some estimates, the city of Flint is facing a $17 million budget hole.
Flint's Mayor is hoping state officials will allow the city to go to the bond market to overcome the budget deficit.
The State Administrative Board is meeting tomorrow to give a thumbs up or a thumbs down to the city's request.
The Flint Journal reports:
A state board made up of Michigan's top elected officials (or their delegates) is expected on Tuesday to consider the city's application to issue $20 million in bonds, part of Flint Mayor Dayne Walling's budget plan.
The State Administrative Board meeting will take place at 11 a.m. in the Lake Superior Room of the Michigan Library and Historical Center in Lansing. The meetings are open to the public.
Michigan Radio's Steve Carmody reported that without the money, Mayor Walling said the city will have trouble making payroll in March:
“There is nothing more important for our city right now than the bond. We’ve been carrying a crushing load of past deficits on our shoulders. 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,” said Mayor Walling.
If state officials do not approve of the bond plan, the state may eventually takeover Flint’s finances.
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