Mayor Mike Duggan seeks City Council approval to appropriate $42 million in surplus to create a new reserve fund.

Duggan said the corporate income tax reserve fund would provide safety net against economic downfalls.

Detroit currently holds about $502 million in reserves.

With the city of Detroit continuing to run a balanced budget with a surplus, Mayor Mike Duggan is proposing the city establish a new reserve fund for the current fiscal year that would cover potential revenue losses from unexpected manufacturing slowdowns or changes to federal law.

Following the end of the 2024-2025 fiscal year — which ended on June 30 — the city is projected to have a $60.2 million surplus, Mayor Mike Duggan said Monday, Sept. 15, at the Detroit Police Department's downtown headquarters. The mayor is

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