Detroit News: Fiscal Health Expert: Cities Should Learn Lesson From Detroit's Woes
The financial free-fall of Detroit is not unique throughout the country, but dealing with legacy costs and finding ways to match revenue with expenses is a warning for other cities, a local finances expert for The Pew Charitable Trusts said Monday.
The city’s inability to deal with long-term liabilities and not right-sizing services fast enough for its dwindling population serves as a lesson to others as it deals with the aftermath of the financial recession from 2007-11, said Kil Huh, an expert on state and local fiscal health for The Pew Charitable Trusts.
“They promised benefits over the long haul and didn’t think through the consequences,” Huh said in a press briefing Monday before the release of a report comparing the finances of 30 major cities including Detroit. “It made Detroit more vulnerable to the downturn than many of its counterparts.”
Read the full article at detroitnews.com.
- American Cities Project