DETROIT – The "secret" external audit conducted by Ernst and Young that Detroit officials were given shows the city is running out of cash quickly.
The accounting firm's "Q1 2012 Cash Reporting Package" was given to each Detroit City Councilmember, but was not intentionally leaked by the city, Mayor Dave Bing said.
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Download here: Q1 2012 Cash Reporting Package
The report includes the city's cash position, a variance report for the city's general fund, water and sewage, transportation, parking, and a cash flow reforecast for each of the funds.
The forecast is a bleak one. It's clear the city has been struggling to make ends meet, and Bing's concern over a state takeover is definitely backed up by this report.
He plans to address citizens about how Detroit will move forward in this financial crisis at 6 p.m. Wednesday. More specifically, it is expected that Bing will discuss the city's plan for a state-appointed emergency manager, and whether he will be that manager himself.