Pontiac Faces $5.1M Budget Hole, Possible Layoffs
Pontiac Emergency Financial Manager Michael Stampfler says layoffs are possible if the Detroit suburb can't find a way to plug a $5.1 million budget hole.
Stampfler presented his revised budget during a special city council meeting Wednesday night. It includes transferring $3.8 million from the General Employee Retirement System and Voluntary Employee Beneficiary Association.
That request must be approved by the pension board. City officials say the retirement fund is overfunded.
The Oakland Press says Stampfler estimates the city's cumulative deficit will be $10.4 million in 2011, with projections growing to $19.2 million in 2012 and $31.6 million in 2013.
Stampfler says the city must ``quickly come to grips'' with its financial challenges but bankruptcy is not yet being considered.
---
Information from: The Oakland Press, http://www.theoaklandpress.com
(Copyright 2010 by The Associated Press. All Rights Reserved.)
