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      Tuesday
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      Wednesday
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      Thursday
      22 / 12

      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.

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