Detroit officials this week estimated the city's deficit at around $125 million. Figuring out the exact size of the gap was a constant source of debate under former Mayor Kwame Kilpatrick's administration.
Earlier estimates by the city's new chief financial officer, Joseph Harris, had put the deficit at around $150 million.
Interim Mayor Ken Cockrel Jr. is expected to release a plan to bring down the shortfall in the next few weeks, city officials said Monday.
Harris was quoted in local reports as saying Detroit would likely try to sell off some of its assets to bring in one-shot revenues to help eliminate the deficit, in addition to cutting some city services.