MENU
component-ddb-728x90-v1-01-desktop

Snyder finds financial emergency in Lincoln Park

<p>Michigan Gov. Rick Snyder has determined that a financial emergency exists in the Detroit suburb of Lincoln Park.</p>

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.

Trending

LOADING