Both the Mayor of Detroit and the Governor of Michigan have expressed concerns over Detroit’s precarious financial position. The Mayor has indicated that the city may run out of cash early next year, and there is a significant risk that an emergency manager will be appointed to oversee the city’s finances. Balancing Detroit’s budget is made more difficult by the significant indebtedness and legacy costs of the city. This report is an analysis of the city’s current obligations to bond holders, retirees, and others. The city had in excess of $14.1 billion of such liabilities outstanding as of June 30, 2010.