We all need a "plan of adjustment". Right? What the heck!!!!!-----CFO testifies: City had trouble keeping track of revenue, expenditures

CFO testifies: City had trouble keeping track of revenue, expenditures | Crain's Detroit Business:
"The chief financial officer Detroit hired just before the city was allowed into bankruptcy testified Thursday that the office had trouble keeping track of how much money was coming in and going out.

A computer system designed to track the city's finances had not been fully implemented when he took the job in late November, John Hill Jr. said during the third day of Detroit's historic bankruptcy trial.
Detroit's internal controls over financial reporting were "very, very poor," Hill said.
"The biggest risk is actually not knowing whether all of the transactions have been recorded in the system, and also not knowing on a quick, fast pace whether revenue was coming in as they were intended or expenditures going out."
Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which federal Judge Steven Rhodes must approve.
Most creditors, including more than 30,000 retirees and city employees, have endorsed it."