Flint could be headed for another state takeover
Fri, 26 Aug 2011 20:56:23 GMT —
Update: August 29th
City of Flint leaders say they haven't heard from the Michigan Treasury Department, which was scheduled to begin a financial review Monday morning.
Mayor Dayne Walling's office tells NBC25 they are ready and waiting to go through the process.
Gregory Eason, the City Administrator, says residents shouldn't be worried. "At this point, I don't see any reason for anyone to be concerned. This is just a process we are going through and at this point and time there is a number of different options we have on the table. We'd like to discuss those with the state before we proceeed," he stated.
The City of Flint could be headed for another state takeover. During a press conference Friday afternoon, Mayor Dayne Walling said the State's Treasury Office will begin a preliminary review of the city's finances Monday.
According to the Flint Journal, the preliminary financial review process could take up to a month.
Flint is the first city to undergo a review under the controversial new Emergency Financial Manager law.
Mayor Walling says the city is cooperating, and he believes Flint will avoid receivership. "I want to make clear that I am optimistic about our ability to demonstrate the highest level of fiscal responsibility and stay in control of our community's future," he stated.
Flint is the first city to face financial review since the Emergency Financial Manager law was signed in March.