Detroit Cash Woes Prompt Emergency


Mayor Dave Bing says he will review the city's options and the impact of Gov. Rick Snyder's declaration Friday that Detroit is in a financial emergency.

Snyder's action paves the way for the appointment of an emergency manager over Detroit's finances.

The city has 10 days to appeal the declaration. A hearing is scheduled March 12.

Bing said Friday in an emailed statement that the city can work with an emergency manager if the appointment of one stabilizes the city fiscally and improves the quality of life for Detroit residents.

Detroit has a $327 million budget deficit and more than $14 billion in long-term debt.

Snyder declined to name his top candidate for the job.