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Detroit has serious financial problems according to the state's treasurer

by
State Treasurer Andy Dillon
State Treasurer Andy Dillon

DETROIT (WKZO) It’s no surprise that Detroit's financial problems are serious, and that has apparently been confirmed by a review done as part of the process to decide whether a city requires a financial manager.  

Just four days after a review began, Michigan State Treasurer Andy Dillion gave Governor Rick Snyder his preliminary findings, which wil likely trigger a closer look at the Motor City's finances.

If the situation is serious enough, it could lead to the declaration of a fiscal emergency, triggering the appointment of an emergency financial manager. It hasn’t happened with any of the other cities that have been appointed a financial manager, but its possible he or she could put Detroit into Chapter 9 bankruptcy if its determined rescue plans are not possible or effective.

 

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