Detroit Economic Summit: What to expect from Detroit economic summit

Detroit, MI – August 21, 2018 – A week after the state economic summit in Detroit, the Detroit Economic Council (DECA) has released its 2018 state budget. 

In 2018, the DECA will hold its fourth annual economic summit and it will be the second in a row to take place in the city of Detroit. 

The state budget includes $5.5 billion in funding for local, state, and federal agencies in the state’s largest city. 

“The DECA’s budget is a strong, proven platform for working together to build a stronger Detroit and its economy,” said Secretary of State Ruth Johnson. 

DECA’s 2018 state fiscal plan, which was approved by the Legislature last year, includes a $5 billion economic stimulus package for the city.

The budget includes: $1.8 billion for the Detroit Public Schools and $2.5 million for the Public Schools, Health and Human Services, the Public Safety and Emergency Management Agency, and other public entities. 

Detroit also is the only metro area in the U.S. to receive funding for a school funding package from the state. 

Also, the state is expected to fund the state police and firefighters in a $2 billion emergency fund, with $1 billion coming from local property taxes and $750 million coming from sales and property tax revenue. 

Local government revenue in 2018 is expected in the low- to mid-five figures, and in 2019 the state will likely see a surplus in the $2-3 billion range. 

Overall, the 2018 budget is the state government’s fourth fiscal plan in four years, according to the DSEA. 

State officials have not yet released their 2018 economic agenda. 

Michigan’s largest cities have struggled with the effects of a severe recession. 

According to a 2017 study by the Economic Policy Institute, the median home value fell by $100,000 in the last 12 months, and the number of unemployed increased by more than 2.3 million during that same time. 

But the city also has been hit hard by the downturn. 

While Detroit is the largest city in the county, its population was only about 50,000 when the Great Recession began in 2008. 

With a population of just over 4 million, Detroit is a place of relative prosperity for many people, according the Detroit News. 

Many people have been laid off from their jobs and have seen their homes taken from them, the paper wrote. 

And because of the state budget, Detroit was able to cut back on services like schools and the homeless population. 

A $50 million program in 2018 called the Detroit Community Reinvestment Corporation will help with community development and education. 

This program will provide $50,000 grants to help fund programs like drug treatment and child care for people who have been homeless, the report said. 

As of January 2018, a new shelter will be opening in the Detroit Downtown, which is being built with funds from the Economic Development Corporation and the Detroit Redevelopment Authority. 

There are plans to build the first phase of a new $2 million school, the News said.

The city is also getting ready to open the new public transit system. 

 In addition to the bus, the city has plans to expand the Blue Line commuter rail system to include the Red Line and the Purple Line. 

Additionally, the Department of Transportation has also begun the $1-billion “Southeast Regional Connector” project, which will connect the area around downtown to downtown, bringing thousands of people into the city’s business district, the article said.

This article was produced by the National Association of Cities for Economic Development.