CHICAGO — Detroit Mayor Dave Bing's office Wednesday presented a $2.5 billion all-funds fiscal 2013 budget that marks the first step in a rigorous new budget process required under the historic consent agreement the struggling city signed with Michigan last week.
With Bing still recovering from recent surgery, deputy mayor Kirk Lewis and chief operating officer Chris Brown Wednesday unveiled the spending plan to the City Council. They announced $96 million of new cuts they said would help achieve a cash balance of $240 million by the end of 2015. They expect revenues to come in $23 million under current-year projections. The council will hold hearings through May.