That someone would look at a city budget, which is a primarily political document, and believe that document reflects actual costs to sufficiently maintain anything, is simply naive.
It's the same all over the Rust Belt.
So what really happened? We built new subdivisions for the exact same set of people and the old parts of town just fell apart entirely. The maintenance was completely ignored.
Nobody left St. Louis. They just took developer and federal money and built new housing in St. Louis County (the original suburbs). And then when those old suburbs started to decay, they did it again by moving out to St. Charles (the new exurbs).
The latest wave of this is the "return to the city" movement in which the same set of people continue the cycle by abandoning the housing that was built to replace the housing they're returning to.
I'm using St. Louis as an example here, because it's the city I know the most about, but it's the same everywhere.