Review team could present findings to Mich. gov
Review team could present findings on Detroit finances, structural debt to Mich. governor
DETROIT (AP) -- A state-appointed review team tasked with delving into Detroit's finances and long-term structural debt could present its report Tuesday to Michigan Gov. Rick Snyder.
The team's determination eventually could lead Snyder to place the cash-strapped city under state oversight by appointing an emergency manager.
Tuesday is the deadline for the review team which started its work in December. Members could request an extension from Snyder. The governor has said he is compiling a list of potential candidates for the emergency manager's job.
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.
