Governor's office says emergency financial review for Detroit imminent

Detroit facing $45 million cash shortfall

DETROIT - In an fierce tone on Thursday, Detroit Mayor Dave Bing said he had a message for the city amid reports of its crumbling financial stability.

"This is our city. We are Detroit. Detroit needs to be run by Detroiters," he said. "We know what needs to be done and we stand ready to do it."

Bing was responding to the announcement from Michigan Gov. Rick Snyder's office that a state review of the city's finances were imminent.

Ordering of a preliminary financial review would be the first step in a process that could result in the appointment of an unelected financial manager.

"We are opposed to the governor beginning this process," Bing said. "We are here as Detroit to send a clear message. We are opposed to an emergency manager and we're making progress at moving closer than ever to addressing this fiscal crisis."

Detroit has an accumulated deficit of about $150 million and faces a $45 million cash shortfall.

Joined by union representatives and City Council, Bing said asked Detroiters to do their part to contribute to the city's financial stability.

"We need your help. We need to stand together and maintain order in our city," Bing said. "The best thing we can do is work together to solve this problem. You have my commitment that we wont rest until we have a solution."

In response, Snyder said, "It doesn't mean an EM is coming. It just means we want to get in as part of the process as a good partner, learn about the facts so we can share good ideas."

Bing and City Council have proposed several plans to eliminate the deficit that have included job cuts, service cuts, union concessions, furlough days for city employees, changes to employee benefits and pay cuts.

U.S. Rep. John Conyers has sent a letter to U.S. Attorney General Eric Holder asking him to review review Michigan Gov. Rick Snyder's emergency manager law.

Read: Conyers' letter.

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