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Governor Snyder confirms Royal Oak Township financial emergency

ROYAL OAK (WKZO) -- Governor Rick Snyder is confirming a financial emergency exists in Royal Oak Township. As a result of Wednesday's decision, township officials have until next Wednesday to choose an emergency manager, a consent agreement, mediation with creditors or Chapter 9 bankruptcy to deal with the financial crisis.

Following a report by a state review team earlier this year, township leaders argued they could continue governing without intervention from the state. The officials did not dispute the team's findings, but said the financial problems were due to a loss in the township's tax base and decisions made by former leaders.