The Detroit City Council unanimously approved a fiscal 2015 budget yesterday amid warnings that the spending plan could change as the city winds it way out of U.S. Bankruptcy Court, Reuters reported yesterday. Kevyn Orr, Detroit's state-appointed emergency manager, crafted the budget, which is part of a three-year spending plan he based on assumptions in the city's proposed debt adjustment plan and revenue estimates agreed to by city officials in February. "This budget is very fluid," said Irvin Corley, the council's fiscal analyst, noting that changes in the plan would lead to budget amendments. Detroit's latest version of its plan to adjust $18 billion of debt and other obligations and exit the biggest municipal bankruptcy in U.S. history is pending before a U.S. Bankruptcy Court judge, who has set a July 24 start date for a trial on its fairness and feasibility.
