Daily Briefs

 Quarter report shows Detroit general fund surplus of $34.1M

DETROIT (AP) — Bankrupt Detroit had a general fund surplus of $34.1 million at the end of second quarter of the current fiscal year, which ended Dec. 31, according to a report from the state.

Still, “the financial condition of the city of Detroit continues to be dire,” emergency manager Kevyn Orr wrote in the document posted on Detroit’s website.
 
The quarterly report was filed Jan. 15 with the state treasurer’s office. The surplus figures through Dec. 31 are preliminary and unaudited.

The city continued to make payments on some bond and other debt but made no contributions to Detroit’s two retirement systems during the quarter.

At the end of the second quarter in December 2012, the reported surplus was $132.2 million.

Orr was appointed last March by the state to fix Detroit’s finances. He filed for bankruptcy in July, saying Detroit’s debt was at least $18 billion. Bankruptcy Judge Steven Rhodes let Detroit enter bankruptcy last month.
Orr faces a court-imposed March 1 deadline to present his plan to bring the city out of bankruptcy. His team currently is negotiating with city unions, retirees and other creditors.

Orr wants to exit bankruptcy no later than September.

“Concluding the bankruptcy case in a timely and efficient manner is important to the city’s revitalization and reinvestment activities because it will free the city from burdensome and unsustainable debt obligations and allow the city to reinvest in operations and infrastructure,” he said in the report.
 

WBA to present program on human trafficking Feb. 11

 
The Wolverine Bar Association invites all attorneys and law students to attend its February General Body Membership Meeting featuring a special presentation: “Human Slavery and Trafficking: A Growing Epidemic.” The meeting will take place on Tuesday, Feb. 11, at 6 p.m. at the law offices of Bodman LLP, Ford Field, 1901 St. Antoine Street, 5th Floor, in Detroit.
Human trafficking is the world’s fastest growing criminal enterprise, second only to drug trafficking. The United States serves as one of the top three destination points for this $32 billion-a-year global industry and the growth rate in the state of Michigan is alarming. This program is designed to educate attendees on the intricacies of this dangerous epidemic and the deep impact it has on our community.
The presenters include:
—E. Christopher Johnson Jr., associate professor, Thomas M. Cooley Law School; co-chair, Community Committee of the State of Michigan Human Trafficking Task Force.
—Detective Sergeant Edward Price, FBI’s Southeastern Michigan Crimes Against Children (SEMCAC) Task Force.
—Charlotte V. Henry, Adults and Adolescents in Motion (A2IM) Nonprofit Organization.
Attendees should enter at Gate G or use the 2nd floor walkway from the Ford Field Garage. Parking will be validated. Refreshments will be served.  For additional information, visit www.wolverinebar.org.

Comments

  1. No comments
Sign in to post a comment »