"We have approximately $2 million in our rainy day fund," Governor Rick Snyder said. "That would allow us to operate, for about a half and hour."
Governor Rick Snyder didn't pull any punches Monday as he addressed a room full of business leaders, laying out the facts of the state's financial status.
"We're spending more than we're taking in, we don't have any reserves, we have no rainy day fund, we're taking on more debt," he said.
The governor was at the Business Leaders for Michigan leadership summit to unveil something new. His user-friendly citizen's guide to Michigan's finances.
"There is no agenda," he said. "The only agenda was to make it simpler for people to understand."
His office worked with an economic group among others to take the state's comprehensive annual financial report -- which is no easy read -- and put it in a format any Michigander could understand.
"An average resident might ask, why should I care?" said Doug Rothwell, the Business Leaders for Michigan president, and chair of the MEDC. "He's taken a 300-page document down to 20 pages with pictures which makes it very clear."
Snyder said he's making good on a campaign promise of government transparency and he urges other local municipalities to follow suit. Snyder said he knows when residents take a look, they most likely will not like what they see.
"I knew how this would turn out," Snyder said, "but that's the reason I wanted to be the governor of this state. Not to walk away from the problem, but to say here are the facts, we're going to solve this problem."
Just how he will solve a $1.8 billion problem this year still remains to be seen, but he said he wanted everyone to know what he's working with.
To review the report go to: www.michigan.gov/snyder
Snyder plans to release his budget on February 17th.