Detroit Close to Going Broke

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A Detroit official says the city financial condition is rapidly deteriorating and City Hall could run out of cash by mid-December.

City program management director William Andrews made the assessment Monday at a meeting of the Financial Advisory Board, a city-state panel overseeing Detroit's finances under its fiscal stability agreement with the state.

Andrews says Detroit's cash-flow crisis is "more challenging than it's ever been" and worse than a month ago.

He says city will need to find new revenue sources.

Advisory board chairwoman Sandy Pierce says despite voter repeal of the emergency manager law, the financial stability agreement and the advisory board remain intact.

Mayor Dave Bing and Gov. Rick Snyder agreed on state oversight as an alternative to a state financial takeover.

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