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Mayor Duggan touts budget surplus, proposes reserve fund
We're not talking about chump change here; this is a $60 million budget surplus, and it's beneficial for the residents, the administration, and the person who will succeed him.
DETROIT (FOX 2) - Detroit Mayor Mike Duggan delivered some good news about the city's finances. The city is projected to finish the fiscal year with a budget surplus.
By the numbers:
A $60 million budget surplus was announced, and it's beneficial for the residents, the administration, and the person who will succeed him.
"In the past, when we produced surpluses, we had the last 11 on one-time projects. This time, I am proposing that the city council immediately put $42 million of this into a corporate income tax reserve fund. I want to certain that my successor enters the new year with a budget surplus, just like I did," said Mayor Duggan.
Dig deeper:
This marks the 11th consecutive year of a budget surplus. The mayor says it was generated by cost reductions and city departments coming in under budget.