Michigan a step closer to Detroit takeover

December 28, 2011


DETROIT — 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: http://today.msnbc.msn.com/id/45798809/ns/us_news-life/#.TvqJS9SJcsc

No comments yet - you can be the first!

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep the Fake News Media in check.

Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.