FLINT -- The City of Flint has been awarded an $8 million fiscal stabilization bond, but it is at least $12 million less than they needed.
Mayor Dayne Walling says the money will go to help the city’s immediate payroll and cash flow needs.
Flint originally asked the state for $20 million dollars. The mayor says $8 million is just a band-aid and more cuts, concessions, and borrowing will need to be made to make up for the remaining $12 million.
The next step in the bond process is for the Flint City Council to approve the bond, and repayment plans. If approved, the money will be given at the beginning of April.
The city currently finds itself in a $17 million deficit.
