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Fri March 1, 2013
Gov. Snyder Declares Financial Emergency in Detroit
Governor Rick Snyder is a step closer to appointing an emergency financial manager for Detroit. He announced today that he agrees with a financial review team’s finding that the city faces a financial emergency.
The Detroit City Council now has 10 days to get a financial plan in place and ask the governor to change his mind.
Snyder expects to appoint someone soon after that.
“Then I would have to make a re-determination, go to the emergency loan board," Snyder says. "But that process could be fairly quick after that, depending on what kind of information is provided.”
The governor didn’t say who he wants for the job. He says he has a top candidate in mind, but wouldn’t give any more details.
Detroit has been operating under a consent agreement with the state for nearly a year. The state’s financial review team found it hasn’t kept the city from sinking further into debt.