CHICAGO - The Michigan Administrative Board has approved the issuance of up to $117 million of deficit funding bonds for Detroit, but warned that more steps need to be taken for the city to reduce its fiscal imbalance.

Meanwhile, Mayor Coleman Young took a second step toward implementing his deficit reduction plan by issuing an executive order yesterday cutting pay for non-union city employees by 10%, effective next Monday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.