'Bleak' outlook for Detroit

It's tough reading the excerpts from Kevynn Orr, Detroit's emergency fiscal manager without wondering how in the world the city is going to overcome its problems. A few tidbits: But Orr reports that Detroit's net cash position was negative $162 million as of April 26 and that the projected budget deficit is expected to reach $386 million in less than two months. He also warns that the city's financial health might change as more data is collected and analyzed. "What is clear, however, is that continuing along the current path is an ill-advised and unacceptable course of action if the city is to be put on the path to a sustainable future." [...] Orr described the city's operations as "dysfunctional and wasteful after years of budgetary restrictions, mismanagement, crippling operational practices and, in some cases, indifference or corruption." "Outdated policies, work practices, procedures and systems must be improved consistent with best practices of...(Read Full Post)