Published on December 15th, 20120
Detroit Not Meeting Goals to Avoid State Takeover
The review started Tuesday “has found that a serious financial problem exists in the city,” Treasury spokesman Terry Stanton said in a news release. The state will likely appoint a review team to take a closer look at the city’s books, he said.
That could lead to the appointment of an emergency manager and state oversight of the city under the state’s current emergency manager law. The Legislature passed revised emergency manager legislation this week, but it would have no bearing on Detroit’s situation because Gov. Rick Snyder hasn’t signed it and if he does, it wouldn’t go into effect until March, Stanton said.
Source: AP. Read full article. (link)