Governor names team to review Detroit finances

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Associated Press

Posted on December 19, 2012 at 1:00 AM

Updated Wednesday, Dec 19 at 1:02 AM

DETROIT (AP) — Michigan Gov. Rick Snyder has appointed six people to conduct a 60-day review of Detroit's municipal finances and decide if the state should put an emergency manager in charge of the city's checkbook.

State Treasury Department spokesman Terry Stanton says Snyder named the team members Tuesday. They include Treasurer Andy Dillon, who determined last week that Detroit's budget was off track and headed toward a crash.

The city is now operating under a consent agreement between Mayor Dave Bing and the Snyder administration designed to head off the appointment of an emergency financial manager.

Detroit is billions of dollars in debt and has a budget deficit topping $200 million. It's been meeting payroll and paying bills from millions of dollars in bond money from a state-controlled escrow account.

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