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Detroit committee receives seven‑month financial report; officials warn of income‑tax shortfall
Summary
Deputy CFO Donnie Johnson told the Budget, Finance & Audit committee that Detroit projects a narrow $2.2 million operating surplus for the year but faces an annualized $56.9 million shortfall in income‑tax revenue; Acting Treasurer Valerie Golley highlighted a $1.68 billion January cash balance and a temporary accounts‑payable backlog.
Donnie Johnson, deputy chief financial officer and budget director for the city, told the Budget, Finance & Audit standing committee on March 25 that the city currently projects a narrow operating surplus for fiscal year 2026 but faces significant risks from lower income‑tax receipts.
“We are continuing to run behind on income taxes,” Johnson said while presenting the seven‑month financial report for the period ending Jan. 31, 2026. He said the city recorded a $23.9 million year‑to‑date revenue surplus and an underspend of about $10.7 million…
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