Detroit: City in crisis, will an emergency financial manager be the answer?
Linkedin

Detroit: City in crisis, will an emergency financial manager be the answer?

Detroit : MI : USA | Dec 21, 2011 at 9:05 PM PST
XX XX
Views: Pending
 
Detroit's Financial Crisis - A REVIEW

Detroit,MI-Since the fold of some of its major automotive backers, Detroit has seen nothing but downfall. Once practically leading the nation in unemployment claims, Detroit is now facing being placed into the hands of an Emergency Financial manager.

Michigan officials will launch a formal review of Detroit to determine if a state takeover is warranted, officials said on Wednesday, after a preliminary review found "probable financial stress" for the state's largest city.

Detroit was once one of the most populated in the United States, but lost 25 percent of its residents between 2000 and 2010. City Council President Charles Pugh said he believed the process under way between the council, the mayor and unions will ultimately let the city avoid a consent agreement or emergency manager.

The city faced large budget cuts before the suggestion of getting Lansing involved ever came on the table with no prevail. Some of the suggested cuts from the mayor was to cut back on much needed public services, which included Emergency Medical, Firemen, and Police.

Mayor Bing stand firm on his belief that the city will rebound, but in the state's preliminary review it found the city has a mounting debt problem with long-term liabilities estimated to top $12 billion. The city's annual budget is around $3.1 billion.

1 of 1
Detroit: City in crisis, will a emergency financial manager be the answer?
Will Detroit ever overcome its crisis?
Darlena Bonds is based in Detroit, Michigan, United States of America, and is an Anchor for Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 
  • A Review Is Ordered of Finances in Detroit

      Pittsburgh Post-Gazette
    The New York Times Michigan officials ordered a formal review of the City of Detroit's finances on Wednesday after a preliminary examination by the state found "probable financial stress." "We continue to implore the mayor and City Council to come...
  • Detroit Budget Crisis May Lead to Outside Manager

      The New York Times
    For a city that some have declared dead again and again, the talk of late here was of renaissance of auto industry jobs growing, new companies moving into empty buildings downtown, urban gardens blooming in vacant lots. Stephen McGee for The New York...
  • Mich. city trying to sell off its property

      United Press International
    A public hearing in Pontiac, Mich., on selling most of the suburban Detroit city's real estate attracted only four people -- three officials and a reporter. The hearing Tuesday covered everything from city hall and the police and fire stations to the...
  • Civil disobedience possible to fight emergency law

      AP Online
    Jesse Jackson and other religious and civil rights leaders are promising protests and possible civil disobedience against Michigan's new emergency manager law that could lead to a takeover of Detroit government. Jackson and others...

Blogs

 >

Images

 >
 

More From Allvoices

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.