Bracing for hefty pension and debt payments that each will exceed $100 million a year for several years, the city of Detroit is preparing a first-of-its-kind 10-year financial report that will include potential revenue from the Pistons' expected move to Detroit and other downtown projects, the Detroit Free Press reported today. The report, expected by February, will be crucial to the city maintaining its post-bankruptcy financial health, and fulfilling its goal to get out from state oversight by 2018, Detroit Chief Financial Officer John Hill said. Pension payments could start at $167 million in 2024 and increase by 2 percent each year for the next 20 years. About the same time, in 2025, Detroit begins a six-year stretch of annual debt service payments of between $101 million and $117 million, according to recent data.
