After 45 days in office, a report from Detroit’s Emergency Manager Kevyn Orr was released this morning, taking an in-depth look at the city’s financial situation.
What’s clear from the 41-page report — Detroit is broke and its finances are in worse shape than previously thought. The city has almost $9.5 billion bonds and other debt, almost $6 billion in unfunded retiree health care, and will end its budget year with a shortfall of more than $160 million.
What do these numbers really mean for the city? And why is there such a disparity between what we’ve heard from city leaders and the report?
Detroit’s Emergency Manager Kevyn Orr joined us in the studio today, to answer these questions and more.
Listen to the full interview above.