DETROIT (AP) — Proposed cuts to pension payouts and health care would save Detroit about $120 million annually over four years and help leave the city with a budget surplus of $89 million, according to Mayor Dave Bing's deficit elimination plan.
The plan was given individually Wednesday to the nine Detroit City Council members and follows Bing's $3.1 billion proposed budget which he presented to them last month.
His deficit elimination plan calls for almost $90 million in cuts each year beginning with the 2012-13 fiscal year budget through 2015-16 to the two city pensions, nearly $19 million annually in health care cuts to current employees and about $14.1 million in similar cuts to city retirees.
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