DETROIT (WKZO) -- Cash flow to the city of Detroit has improved for the first time since the city filed for bankruptcy. According to a report, the city had an unrestricted cash balance of 128.5-million dollars during the last quarter, which ended September 30th
Even though there was an improvement in cash flow, revenue fell roughly nine-percent. Property tax revenue also plummeted more than 17-percent and tax revenues from Detroit’s three casinos dipped roughly four-percent.
The report shows the improved cash flow was largely due to the city not paying unsecured bond debt and withholding 44-million dollars in payments to two pension funds.