Governor Rick Snyder will receive a report on Detroit's finances from the state's financial review team on Tuesday and it will likely paint a grim picture of the city's massive debt.
It will also detail the failed attempts by the city council and the mayor to deal with the crisis. Tuesday is not a decision day but rather a delivery day. Fox 2 Political Analyst Tim Skubick explains the document will say Detroit on its own can't solve its financial problems. "This governor is very methodical. He is not going to willy-nilly pull the trigger on anything," Skubick said.
There are three options. If the team says there is an emergency then the governor can appoint a financial manager. The city also can file for bankruptcy. That's not a favored choice by the city or the state Skubick reports. Or the consent agreement that is still fresh from this Spring can be renegotiated. That ship may have sailed.
"The Consent Agreement was agreed to last April, but never fully implemented. That's a source of frustration because the governor thought that was a way out of this problem to avoid an Emergency Manager" Skubick said.
The report is expected to hit Lansing today, but keep in mind the review team does have the option to ask for an extension. A governor's spokesperson says that while the governor will likely get the report today, he has 30 days to act on a recommendation. A decision is likely to happen rather quickly, possibly within a week.
Friday, May 24 2013 11:19 AM EDT2013-05-24 15:19:24 GMT
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Friday, May 24 2013 10:15 AM EDT2013-05-24 14:15:15 GMT
More than 150 dogs have been removed from locations owned by a breeding facility in Michigan's northern Lower Peninsula, where officials said the animals were living in outdoor enclosures with little protection.
More than 150 dogs have been removed from locations owned by a breeding facility in Michigan's northern Lower Peninsula, where officials said the animals were living in outdoor enclosures with little protection.
Friday, May 24 2013 8:27 AM EDT2013-05-24 12:27:33 GMT
If you'd like to contribute to the Oklahoma tornado relief efforts, FOX 2's Amy Andrews says you can drop off supplies at the Democratic Club of Taylor (23400 Wick Rd.) now through Sunday.
If you'd like to contribute to the Oklahoma tornado relief efforts, FOX 2's Amy Andrews says you can drop off supplies at the Democratic Club of Taylor (23400 Wick Rd.) now through Sunday.
Friday, May 24 2013 7:19 AM EDT2013-05-24 11:19:36 GMT
Michigan's public schools would get about 3 percent more and it's community colleges and universities about 2 percent more in overall funding next fiscal year under measures approved by Republican-led budget panels.
Michigan's public schools would get about 3 percent more and it's community colleges and universities about 2 percent more in overall funding next fiscal year under measures approved by Republican-led budget panels.
Friday, May 24 2013 6:47 AM EDT2013-05-24 10:47:05 GMT
Jimmy Howard stopped 25 shots as the Red Wings beat the Chicago Blackhawks 2-0 on Thursday night in Game 4 of the second round series to put the NHL's best team during the regular season on the brink of elimination.
Jimmy Howard stopped 25 shots as the Red Wings beat the Chicago Blackhawks 2-0 on Thursday night in Game 4 of the second round series to put the NHL's best team during the regular season on the brink of elimination.
Thursday, May 23 2013 9:21 PM EDT2013-05-24 01:21:55 GMT
The mountains of petroleum coke along Detroit's riverfront continue to grow. Now lawmakers are saying the stuff has to go as the story gets national attention.
The mountains of petroleum coke along Detroit's riverfront continue to grow. Now lawmakers are saying the stuff has to go as the story gets national attention.
(Credit: WJBK|myFOXDetroit.com)
