DETROITÂ â€”Â Heading down a path that could lead to the state of Michigan taking over the running of Detroit, Gov. Rick Snyder on Tuesday appointed a team to review the city’s finances.
The team was named after a preliminary review of city finances showed “probable financial stress” after Detroit was unable to tackle its mounting deficits.
The team, which includes State Treasurer Andy Dillon and other local officials, has 60 days to complete its work. The formal review was announced last week.
The appointments are the next step in the review process, which is driven by expectations that Detroit will run out of cash by April.
“Given urgent and time-sensitive financial issues facing Detroit and the need to ensure critical services continue to be provided to city residents, the next step simply necessitates the appointment of a financial review team,” Snyder said in a statement.
The formal review could have various results. If a financial emergency is declared to exist, the governor would have to decide on an emergency manager. But if the stress levels are considered mild, the current city management could carry on.
Detroit Mayor Dave Bing has said he will cooperate with the review process but says his budgets are the remedy to the city’s financial crisis.
To read more, visit:Â http://today.msnbc.msn.com/id/45798809/ns/us_news-life/#.TvqJS9SJcsc
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