Detroit Close to Going Broke

By: Associated Press
By: Associated Press

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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  • by Ricardo Location: Lansing on Nov 18, 2012 at 03:02 PM
    How interesting. Although this story is a tad old, the fact remains (which I have been pointing out for years) that ALL governmental employees have been WAYYY over paid for years! The money just isn't there to justify the wages and benefits these vultures think they should be paid. It's time for a reality check,and reduce wages at least 60% and eliminate health care and pension benefits completely! There are many companies that are doing this just to survive. Governmental employees need to join this group! Thank You. Ricardo
  • by steve Location: dewitt on Nov 13, 2012 at 12:51 PM
    Lets expand the EFM law to include states. That way Obama can just get rid of the Michigan government all together since it cant seem to stay out of debt
  • by David Location: Charlotte on Nov 13, 2012 at 09:03 AM
    Just think if the pepol in this state would have kept the EML maybe this would not have to take place.
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