News

Detroit Exits Bankruptcy

December 10, 2014

The city of Detroit is officially emerging from bankruptcy. But Detroit still faces significant financial hurdles… The city is exiting the largest municipal bankruptcy in US history -- shedding $7 billion in debt while the state returns most authority to Detroit’s elected leadership. But Detroit’s top official – Mayor Mike Duggan – says even with a clean financial slate, much work remains. “We’ve got to rebuild a water system…and a bus system and a computer system and a financial system. It’s all gonna be a challenge,” Duggan said. The bankruptcy exit strategy calls for investing more than a billion dollars in city services over the next decade. But that depends on Detroit developing new revenue and continuing to find cost-savings.

WDET’s Quinn Klinefelter talked about it with WDET’s Jerome Vaughn.