Mich. governor receives review team report

Michigan's governor receives report on Detroit's finances from state-appointed review team

Associated Press

DETROIT (AP) -- Michigan Gov. Rick Snyder has received a report from a review team that has spent the past two months scrutinizing Detroit's finances.

The state-appointed review team is expected to making its findings public Tuesday afternoon.

Snyder spokeswoman Sara Wurfel says "the governor looks forward to reviewing it closely and carefully before making his determination."

Snyder could place the cash-strapped city under state oversight by appointing an emergency manager if the review team determines Detroit is in a financial emergency.

The review team started its work in December.

Detroit is billions of dollars in debt and has a budget deficit topping $300 million. In recent months, the city has had trouble with cash flow and has been relying on bond money from a state-held escrow account to help pay its bills.

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