DETROIT (AP) - A proposed $2.4 billion budget for 2020-21 was presented to the Detroit City Council by Mayor Mike Duggan.
Duggan said Friday that he wants to move $30 million from last year’s general fund surplus into a rainy-day fund to help meet increased pension contributions in the coming years, The Detroit News reported.
Another $20 million in surplus funds would go into a retiree protection fund.
“Right now, given where investment ratings are and the coronavirus’s impact on the market, it’s very likely we may have to do more next year,” Chief Financial Officer David Massaron said. “At the end of the day, every year we look at pension returns and we make a calculation on what we have to do.”
The city is going to stay on top of funding to the pension systems so city workers “never again have to have their pensions threatened,” Duggan told reporters.
The budget also calls for $50 million to fight blight and pay for the demolition of vacant homes.
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