The state of Michigan and its biggest city, Detroit, announced a deal on several milestones the cash-strapped city must achieve in the next month to win $30 million, Reuters reported yesterday. The city, which has been criticized by state officials for slow progress on financial reforms, needs the money that was generated by a bond sale to avoid running out of cash by the end of the year. The deal between Michigan Treasurer Andy Dillon and Mayor Dave Bing's administration requires city council approval of contracts with legal and other advisers and the completion of a review of the city's cashiering by Tuesday. Meeting those milestones would result in the release of $10 million to the city. Another $20 million would be released on Dec. 14 if Detroit executes a series of contracts concerning audits, outsourcing and restructuring, among other matters.
