Posted on 12/19/2012 7:42:54 AM PST by shove_it
Dec 18 (Reuters) - Michigan Governor Rick Snyder on Tuesday appointed a financial review team for Detroit, the latest development in a process that could lead the city to file for biggest-ever U.S. municipal bankruptcy.
"Given the financial crisis that continues to grip the City of Detroit, we must move quickly to ensure city residents have continued access to essential services they expect and deserve" Snyder said in a statement.
Frustrated by the slow pace of fiscal reforms and worried by Detroit's long-term outlook, state official earlier this month launched a state review.
Last week, the first part of the process - a preliminary review of Detroit's cash-strapped finances - was completed in just four days and concluded in a report that the city had "a serious financial problem."
The report said that "due to financial reporting problems, city projections change from month to month making it difficult to make informed decisions regarding its fiscal health."
"A cash flow estimate in August, 2012 projected a cash deficit of $62 million by June 30, 2013, but estimates for October and November projected deficits of $84 million and $122 million respectively," the report said.
That opened the door to a deeper look into the city's financial conditions...
(Excerpt) Read more at reuters.com ...
ping
It’s called “corruption”.
This corruption started long ago when whites were the majority in Detroit’s city government; the present city government, now black, is just following a long established tradition.
Detroit is America’s own Zimbabwe.
For 200 years hard working, independent Americans built wealth.
In less than 50 years Obama’s people will suck it dry.
A few decades late. And more like a federal government begging team, I bet.
Maybe after the riots are brought under control, Fort Ponchartrain will be reestablished and a rebirth will begin.
I wouldn’t expect much in the way of Rioting in Detroit these days. They can’t even work up a good protest because the people are just plain apathetic.
When they tried to Occupy Detroit it turned on Detroit’s primary democrat donor and fell apart.
Sort of an urban renewal project.
When the screws get turned and the graft dries up, there will be riots. The bones will be picked dry.
The bones have long since been picked dry.
Detroit has had urban removal for decades
"A cash flow estimate in August, 2012 projected a cash deficit of $62 million by June 30, 2013, but estimates for October and November projected deficits of $84 million and $122 million respectively," the report said.
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