DETROIT - An emergency report about Detroit's finances will be revealed Tuesday and submitted to Gov. Rick Snyder.
The report is the work of a six-member review team that has been reviewing the city's financial records since December. The team was tasked with determining whether Detroit is in a financial emergency and needs an emergency manager.
Detroit is billions of dollars in debt and has a budget deficit topping $300 million. In recent months, the city has had trouble with cash flow and has been relying on bond money from a state-held escrow account to help pay its bills.
According to recent reports, sources with knowledge of the report said the review team does not believe Mayor Dave Bing and the City Council can fix Detroit's debt problem without help.
Snyder said it likely won't "take a significant amount of time" before he makes a decision based on the report.
Mike Greiner, an expert attorney in bankruptcy law with municipal experience, told Local 4 he sees no other option but bankruptcy for the city because of its long-term liabilities.
At a Detroit Regional Chamber event on Monday, Feb. 11, Snyder revealed he has prepared a short list of candidates for the potential job.
Special section: Detroit in financial crisis
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