Governor Rick Snyder’s administration will reveal details Tuesday of a proposal to help the city of Detroit fix its finances and avert a state takeover. The plan will be presented to members of an emergency financial review team and to the Detroit city council.
Governor Snyder says time is growing short as Detroit’s financial condition worsens – and he does not want to wait until the end of the month and the results of a financial review – that he ordered -- to offer a solution to the city’s budget crisis.
"In April or May, they are going to be out of cash, so, certainly, it is very important to move forward on this as quickly as possible and the governor’s preference is to have a consent agreement in place as opposed to an emergency manager," says Snyder communications director Geralyn Lasher.
The proposed agreement would be legally binding and would have to be adopted by the city council and Detroit Mayor Dave Bing.
Lasher says the governor also wants a resolution because the fate of Michigan’s largest city affects every part of the state.