Clock ticks down for decision on Detroit finances

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Associated Press

Posted on January 11, 2013 at 3:05 AM

Updated Friday, Jan 11 at 3:08 AM

DETROIT (AP) — Detroit's fiscal future could soon be out of its hands if a team of state officials determines that the city is so entrenched in a financial emergency that it cannot climb out on its own.

Mayor Dave Bing has said a monthlong review of the city's books could be presented as early as Friday to Gov. Rick Snyder. But that will probably be delayed after Snyder on Thursday asked the team to take a closer look at Detroit's cash flow and other concerns.

If the governor determines there is a financial emergency, the mayor would have 10 days to request a hearing. Snyder could then revoke his decision or appoint an emergency manager.

The process could take longer if Snyder chooses to use the full 30 days allotted by law.

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