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Tue Feb 19, 2013, 05:22 PM

Detroit Review Team Finds 'Financial Emergency' In City [View all]

Source: WDIV-TV Detroit

DETROIT -According to the Michigan State Treasurer's Office, the six-member financial review team appointed in December to examine the city of Detroit’s finances has unanimously determined that a local government financial emergency currently exists in the city, and no satisfactory plan is in place to resolve it.

"This review team spent two months pouring over the city’s finances, taking careful
consideration of both long and short-term issues, including recent actions by the administration and City Council,” said State Treasurer Andy Dillon, a member of the six-person panel. “While we appreciate the steps the city has taken over the past number of weeks, key reform measures have not occurred quickly enough, if at all. The team collectively believes the city needs assistance in making the difficult decisions necessary to achieve the significant reforms that are so crucial to the city’s long-term viability."

“Each member of the Review Team came into this process with an open mind, and no preconceptions. However, it became clear as we moved forward, that the city continues to struggle mightily beneath the weight of chronic deficits and its long-term liabilities,” said Ronald Goldsberry, an independent consultant and one of Governor Snyder’s appointees to the Review Team. “Add to the mix a city governance structure that resists meaningful, structural change, and you have what we have deemed to be a financial emergency.”

Under PA 72, the Governor now has 30 days to review the report and make a determination on whether or not a financial emergency exists in the City.

Read more: http://www.clickondetroit.com/news/Detroit-review-team-finds-financial-emergency-in-city/-/1719418/18988204/-/format/rss_2.0/-/c4x4c1z/-/index.html

"Emergency Manager" pending if the governor can find anyone to take the job. Sadly, considering the buffoons on the Detroit City council...it is probably for the best.

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Reply Detroit Review Team Finds 'Financial Emergency' In City [View all]
Purveyor Feb 2013 OP
geek tragedy Feb 2013 #1
louis-t Feb 2013 #4
annabanana Feb 2013 #2
geek tragedy Feb 2013 #3
alfredo Feb 2013 #9
KamaAina Feb 2013 #5
angstlessk Feb 2013 #6
KamaAina Feb 2013 #7
alfredo Feb 2013 #8
amandabeech Feb 2013 #10
12zelda12 Feb 2013 #11
Festivito Feb 2013 #12
JNelson6563 Feb 2013 #13