Detroit official: Enough cash to get through Dec. - 13abc.com Toledo (OH) News, Weather and Sports

Detroit official: Enough cash to get through Dec.

DETROIT (AP) - A top Detroit financial official says the city has enough cash in the pipeline to make it through December but says a money crunch could hit in the first quarter of 2013.

William Andrews is Detroit's program management director, a post created under a deal with Michigan to head off a state financial takeover.

He told reporters Tuesday that Detroit "will get through December." Mayor Dave Bing has warned that the city treasury could run dry soon.

Andrews says the first three months of 2013 will be critical and says the city will have to lay off some workers to save cash.

Officials say Detroit faces a shortage of up to $47 million by June 30, a figure that could grow as Detroit deals with unfunded pension obligations.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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