Michigan Governor to Detroit Mayor: Detroit Needs a Financial Specialist
It's no secret that Detroit is in serious financial trouble. On Friday Michigan Gov. Rick Snyder announced that he will appoint an emergency financial specialist to tackle the Motor City's mounting problems, unless Detroit Mayor Dave Bing objects in the next 10 days, reports the Huffington Post.
[Michigan Governor Rick Synder's] statement at Friday's forum holds up a state review team's findings of a severe financial emergency in the city, pointing to more than $14 billion in long-term liabilities, including underfunded pensions. The city is also poised to end the fiscal year more than $100 million in the red without an infusion of cash. Snyder received the report last week.
Bing said Thursday he was aware of Snyder's decision and ready to work with the state.
"I think we have to learn to make the best out of a bad situation," he said. "The state and the city will have to work together to get us out of this.""I never fought help, I never pushed back. I'm a team player,” the mayor added.Neither Bing nor any City Council members were present at the announcement. Snyder said Friday both had made steps towards resolving Detroit's fiscal problems, particularly in the last few months, but it wasn't enough to fix the city's massive debt.
Read more at the Huffington Post.