Detroit's financial condition is deteriorating more quickly than projected, Matt Helms reports in the Free Press.
Without an infusion of money from the state, the city could run out of cash by mid-December, a top city official told the board that has significant oversight of the city's finances.
But William (Kriss) Andrews, the program management director overseeing Detroit's massive overhaul of city government under a financial stability agreement with the state, backed away from warnings that the city would be broke by next month.
He said he believes the city will meet crucial benchmarks the state is requiring before it will release from bond sales that will keep the city temporarily solvent.
"But the city's long-term fiscal health is less certain. Andrews, speaking Monday before the joint city-state Financial Advisory Board, said the city's tax revenues did not come in as high as he had anticipated last month, dropping by $18 million. That and other new figures he outlined painted a dire and worsening picture as Detroit struggles to turn around enormous deficits and long-term debt."
