Mayor Dave Bing on Thursday released a financial and operational restructuring plan update. It highlights cost savings from 1,000 imminent layoffs, overdue payments from the Detroit Public Schools district and a corporate tax increase that Bing says will mitigate a cash shortfall.
Bing is presenting the update to the Detroit City Council.
A review team has been looking into Detroit's finances — a step in a process that could lead to Michigan taking over the city's government. Its recommendations will be forwarded to Gov. Rick Snyder.
Auditors said last month that Detroit could run out of money as early as April.
Copyright 2012 The Associated Press.
