Chicago and Detroit are the least prepared among the 25 largest U.S. cities to weather an economic recession of the magnitude that struck the country in the previous decade, Moody's Investors Service said on Tuesday
CHICAGO, Dec 10 - Chicago and Detroit are the least prepared among the 25 largest U.S. cities to weather an economic recession of the magnitude that struck the country in the previous decade, Moody's Investors Service said on Tuesday.
"A majority of local governments have used the broad economic expansion of the past decade to strengthen their finances,” Nicole Serrano, a Moody’s analyst, said in a statement. “Additionally, they have been able to keep their debt and related fixed costs in check.” A fiscal 2020 budget approved last month for the nation's third-largest city aims to eliminate an $838 million deficit with new revenue, spending cuts and savings from a bond refunding.
Still, Detroit has increased reserves, set aside funds to smooth spikes in pension contributions, and developed a capital improvement plan that identifies a variety of funding sources.
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