Detroit has a $327 million budget deficit, more than $14 billion in long-term debt and persistent cash flow issues.
DETROIT (AP) -- Gov. Rick Snyder has declared a financial emergency in Detroit, a determination that could lead to the appointment of an emergency manager over the city's finances.
Snyder tells The Associated Press on Friday that his decision on whether to appoint an emergency manager will come after the city's 10-day appeals process.
He says Mayor Dave Bing's office already has been notified of a March 12 hearing date. Snyder says he already has a candidate in mind for the emergency manager position, but declined Friday to release details about that person.
The move was all but guaranteed after a review team told Snyder that Detroit was in a financial emergency. The city has a $327 million budget deficit, more than $14 billion in long-term debt and persistent cash flow issues.
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