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Tue January 8, 2013
Bing: Decision On State Takeover Could Come Friday
Detroit Mayor Dave Bing says a review team as early as this week could make a recommendation to Gov. Rick Snyder's on whether to order a takeover of the struggling city's finances.
Bing said Tuesday that the review team's action could come "maybe on the 11th or so."
Snyder appointed the team last month after Detroit was slow to fulfill promises to the state that let Detroit avoid an emergency manager.
If the team determines Detroit is in a financial emergency, Snyder could appoint an emergency manager. Bing would have 10 days to appeal.
The appointment of an emergency manager is one step leading to a municipal bankruptcy filing.
Detroit has struggled with its cash flow for more than a year and has a budget deficit of about $327 million.