This shortage is pure "cash flow". Doesn't include bond payments. Socialism!-----Detroit schools face bankruptcy without state help, report says

Detroit schools face bankruptcy without state help, report says - Crain's Detroit Business:
The deteriorating finances of Detroit’s public schools may result in a bankruptcy filing if Michigan lawmakers don’t agree on a rescue package within the next two months, according to Moody’s Investors Service.
...Were a bankruptcy to occur, the holders of the district’s general-obligation debt should be unimpaired because the securities are backed by the state’s school-bond program, according to Moody’s.
Holders of state-aid bonds are “at risk” because debt service is paid from state funds that would otherwise go toward operations, Moody’s said in the report.
In fiscal year 2017, debt service on state aid revenue bonds is $105.3 million.
“Without an infusion of a significant amount of additional cash beyond the district’s existing short-term borrowing authority in fiscal 2017, it would be highly unlikely that the district would have resources to make payroll and debt service throughout the year,” Moody’s said.