NEWS RELEASE   3/16/2011

gold bar
State Administrative Board Approves
$8M Fiscal Stabilization Bond For
The City Of Flint
Mayor to discuss details at a 1:00pm press briefing
For Immediate Release

Flint, Michigan – March 15, 2011 – The State Administrative Board approved the City of Flint’s $8M Fiscal Stabilization Bond request this morning in Lansing. The Flint City Council must now approve the issuance of the bond.

The bond will help the city address its projected cash flow deficits for the remainder of this budget year and next. The bond will also cover a portion of the city’s current operating deficits that previously stood at approximately $17M across all funds.

Mayor Dayne Walling was in Lansing for the announcement. “This is great progress toward a balanced budget and a more stable financial situation for the City of Flint,” said Mayor Walling. “The approval of this bond demonstrates that state and local government can work together to address financial challenges.”

Mayor Walling will answer media questions regarding the bond approval during a press availability this afternoon at 1:00 pm in the Mayor’s Conference Room at City Hall.
# # #

 Return to News Release Page