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

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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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