Report: Detroit Has Negative Cash Flow of $162M

Detroit is broke and faces a bleak future given the precarious financial path it's on, according to a new report out by the city's state-appointed emergency manager.
May 13, 2013
 

Detroit is broke and faces a bleak future given the precarious financial path it's on, according to a new report out by the city's state-appointed emergency manager.

The report was released late Sunday by bankruptcy attorney Kevyn Orr and is his first on Detroit's finances since officially taking the job in March. It shows the city has a negative cash flow of $162 million.

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