Detroit City Council approved Mayor Mike Duggan’s proposed $2.6 billion budget for the 2024 fiscal year on Monday. The approved balanced budget follows nine consecutive years of balanced budgets and puts Detroit one step away from Investment Grade status, which it has not had since 2009. Additionally, Detroit’s increase in credit rating proves that Detroit is a great place to have a business.
See below for key takeaways from the approved budget.
Detroit Free Press
April 10, 2023
Detroit City Council, after several delays, approved Mayor Mike Duggan’s proposed $2.6 billion budget on Monday for the 2024 fiscal year, marking yet another balanced budget since exiting bankruptcy.
Councilmembers voted on several amendments to the budget, including where to reprogram American Rescue Plan Act dollars. The city will reallocate $59 million of federal funds to address more immediate projects, such as affordable housing. Duggan in a news media call last month told reporters that the city will not be able to spend certain funds by the required 2026 timeline.
The resolution calls for moving money out of funds for the digital divide, parks and recreation and small businesses into categories funding such things as neighborhood development, affordable housing, home repairs, and a Right to Counsel program.
“After thorough review, we determined that we wouldn’t be able to meet the ARPA spending timeline,” said Steve Watson, Detroit’s budget director.
A breakdown of reprogrammed ARPA funds:
- $19 million to increase the amount for affordable housing purposes to $31 million.
- $12 million to increase the Right to Counsel program to $18 million.
- $1 million to establish the Tangled Title program under which the ownership of intergenerational properties transferred without clean title would be resolved.
- $5 million to fund operations and development of senior citizen centers.
- $2 million for a Home Accessibility program to provide home repairs and improvements for seniors and residents with disabilities.
- $1 million for a Historical Sites and Facilities project under which historic sites and facilities will be improved and supported.
- $9.5 million to establish the Detroit Neighborhood Development Support for economic and infrastructure needs of Detroit neighborhoods.
- $9.5 million to increase funds for recreation center improvements to $39.5 million.