Ongoing negotiations between the city of Detroit and its creditors in bankruptcy court delayed the scheduled rollout today of the city’s budget, the Detroit Free Press reported today. The City Council scheduled a public hearing yesterday for Emergency Manager Kevyn Orr to present a spending plan for the next two years. The budget was to be based on an updated version of the city’s restructuring plan, known as a plan of adjustment. The amended plan of adjustment, however, was not ready in time for this morning’s budget presentation, Detroit Chief Financial Officer John Hill told the council. The plan — a blueprint for bringing Detroit out of bankruptcy — is expected to be filed in U.S. Bankruptcy Court later today. The council, however, is not expected to receive a budget until May 9.
