Snyder finds financial emergency in Lincoln Park
Tue, 15 Apr 2014 11:38:24 GMT —
Michigan Gov. Rick Snyder has determined that a financial emergency exists in the Detroit suburb of Lincoln Park.
His finding Monday backs up a state review team's declaration earlier this month.
Snyder says Lincoln Park was nearly $90,000 in the red by last summer. A $4.5 million balance in the city's general fund has been depleted over three years, and city officials have indicated the deficit likely will grow by at least $1 million this fiscal year.
Lincoln Park has seven days to request a hearing before the state treasurer. Snyder then will either confirm or revoke his determination.
Lincoln Park could choose a consent agreement with the state, the appointment of an emergency manager or file for bankruptcy.
An emergency manager would have sweeping powers over the city's finances.