By Laura Weber, Michigan Public Radio Network
LANSING, MI –
The state is beginning a preliminary review of Detroit's finances to determine if the city should be considered for takeover by an emergency manager.
State Treasurer Andy Dillon says he does not see bankruptcy as an option for Detroit.
"I don't see that in the near-term, no," he says. "Because if you look at the revenues coming into the general fund, it's a fixable issue for the city. Now the longer-term debt may present an issue that we'll have to figure out how to tackle down the road."
Dillon says this is the first step in a review of Detroit's finances and does not guarantee the city will be taken over by the state. But he says because Detroit is running out of money quickly, a review is time sensitive. The state Department of Treasury also announced Friday that Governor Rick Snyder has appointed a review team to look at the finances of the city of Inkster.