Scary Future Looms For Flint Tomorrow
Is Flint facing another takeover by the state?
A municipal bankruptcy?
How is payroll going to be met tomorrow for city employees?
Speculation is rampant this week after the state put the brakes on the city’s request to borrow $20 million to cover its deficits.
Without the loan, the city will have only about a half- million dollars in cash on hand. That’s not nearly enough to meet payroll expenses of $1.5 million to $2 million every two weeks.
Mayor Dayne Walling said the city has a “major cash flow challenge” for March, but he doesn’t believe a state takeover is imminent.
The city is waiting to see what’s next……it looks like a scary future at the moment.