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Week In Review; From www.crainsdetroit.com, Week of Oct. 8-14.

Publication: Crain's Detroit Business
Publication Date: 17-OCT-05 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Week In Review; From www.crainsdetroit.com, Week of Oct. 8-14.(Hyundai Motor America and Kia Motors America Inc. opens Hyundai-Kia America Technical Center Inc.)(Northwest Airlines Corp. plans broader restructuring)(Plastech Engineered Products Inc. appoints Phil Martens)

Article Excerpt
Detroit's auditor says city insolvency is inevitable

Detroit Auditor General Joseph Harris said Oct. 13 that the city's current spending and future obligations for pensions, health care and recent borrowing make insolvency inevitable.

Based on data from the budget and finance department, Harris said city workers could face payless paydays by year's end.Harris said the $78.8 million budget gap described by Mayor Kwame Kilpatrick is low and that the actual shortfall is close to $187 million.

Without help soon, the deficit could equal the $1.4 billion general fund budget in five years, Harris said. Then the state would likely send in an emergency financial manager.

Technology jobs down

The number of technology jobs in Automation Alley dropped from 361,900 in 1998 to 337,787 in 2003, but the sector still accounts for one in six workers and $1 of every $4 of payroll in the eight-county region, according to Automation Alley's first Technology Industry...



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