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City of Detroit (MI) Emergency Financial Operational Plan (May, 2013)

City of Detroit (MI) Emergency Financial Operational Plan (May, 2013)

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Published by wmartin46
Financial and Operating Plan produced by the City of Detroit Emergency Manager Kevyn Orr, dated May 12, 2013 (advance copy).

As required by Michigan State law, the Emergency Manager of a town/city must produce a finanical and operating plan for the City under management within forty-five days of takeover.
Financial and Operating Plan produced by the City of Detroit Emergency Manager Kevyn Orr, dated May 12, 2013 (advance copy).

As required by Michigan State law, the Emergency Manager of a town/city must produce a finanical and operating plan for the City under management within forty-five days of takeover.

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Published by: wmartin46 on May 13, 2013
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05/15/2013

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2WoodwardAvenue
•
Detroit,MI48226www.detroitmi.gov
CityofDetroitOfficeofEmergencyManagerKevynD.OrrFinancialandOperatingPlanMay12,2013
 
Pagei
TABLEOFCONTENTS
1.
 
IntroductionPage1
a.Introductionb.SummaryofthecurrentfinancialconditionoftheCityofDetroitc.KeyactionstakenbytheEmergencyManagertodate2.
StrategicConsiderationsPage6
a.Publicsafetyinitiativesb.Transportationinitiativesc.Publiclightinginitiativesd.Blight/neighborhoodstrategy/landuse/demolitioninitiativese.Recreationinitiativesf.Assetevaluation3.
OperationalConsiderationsPage12
a.Departmentoperationalinitiativesb.Laborinitiatives4.
PreliminaryviewsonrestructuringplanPage19
a.Introductionb.CityofDetroitfinancialconditionc.Short-termliquidityd.Long-termoutlook5.
AppendicesPage39
a.Summaryofdraftfiscalyear2013-2014budgetb.Short-termcashflowforecast
 
Pageii
DISCLAIMERTHEEMERGENCYMANAGERFORTHECITYOFDETROIT(THE"EMERGENCYMANAGER")PREPAREDTHISFINANCIALANDOPERATINGPLAN(THIS"PLAN")INACCORDANCEWITHSECTION11OFPUBLICACT436OF2013("PA436").THISPLANISPRESENTEDINAFORMDEVELOPEDINCONSULTATIONWITHTHESTATETREASURERANDTHEEMERGENCYMANAGER'SADVISORSANDISBASEDON(ANDLIMITEDBY)THEINFORMATIONAVAILABLETOTHEEMERGENCYMANAGERASOFTHEDATEOFTHISPLAN.SUBSTANTIALADDITIONALDATAISBEINGGATHEREDORDEVELOPED,ANDCRITICALFINANCIALANDOPERATIONALANALYSESCONTINUE.THISADDITIONALINFORMATIONANDANALYSIS,ASWELLASCHANGESINCIRCUMSTANCES,AREEXPECTEDTOHAVEASIGNIFICANTIMPACTONTHEEMERGENCYMANAGER'SRESTRUCTURINGPLAN.THUS,THISPLANISAPRELIMINARYREPORTBASEDONTHEEMERGENCYMANAGER'SWORKTODATEANDREMAINSSUBJECTTOMATERIALCHANGEASTHISWORKPROGRESSES.ASCONTEMPLATEDBYSECTION11(2)OFPA436,THISPLANWILLBEREGULARLYREEXAMINEDBYTHEEMERGENCYMANAGERANDTHESTATETREASURERANDMAYBEMODIFIEDFROMTIMETOTIMEBYTHEEMERGENCYMANAGERONNOTICETOTHESTATETREASURER.WITHOUTLIMITINGTHEFOREGOING,IFTHEEMERGENCYMANAGERMODIFIESHISREVENUEESTIMATES,THEPLANWILLBEMODIFIEDTOCONFORMTOTHEREVISEDREVENUEESTIMATES.THISPLANISBASEDONNUMEROUSPROJECTIONSANDASSUMPTIONSCONCERNINGFUTUREUNCERTAINEVENTS.THESEPROJECTIONSANDASSUMPTIONSINCLUDE,AMONGOTHERS,ESTIMATESOFTAXANDOTHERREVENUESANDFUTUREBUSINESSANDECONOMICCONDITIONSINTHECITY,ALLOFWHICHAREBEYONDTHECONTROLOFTHECITY.THISPLANLIKEWISEISPREMISEDONTHEFAVORABLEOUTCOMEOFCERTAINRESTRUCTURINGINITIATIVESANDNEGOTIATIONS,SOMEOFWHICHMAYBESUBJECTTOLEGALCHALLENGES,THEOUTCOMEOFWHICHISUNCERTAIN.THISPLANALSOREQUIRESTHECITYTOOBTAINACCESSTOCERTAINPROCEEDSOFFINANCINGSANDOTHERGRANTSANDTHIRDPARTYASSISTANCE.THERECANBENOASSURANCETHATTHEPROJECTEDOUTCOMESWILLOCCUR.FORALLOFTHESEREASONS,THEEMERGENCYMANAGER'SRESTRUCTURINGPLANMAYNEEDTOBEMODIFIEDFROMTHETERMSPRESENTEDHEREIN,ANDSUCHDIFFERENCESCOULDBEMATERIAL.

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