Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Detroit's county in financial emergency, state review team says
Source: Reuters
US | Tue Jul 21, 2015 1:54pm EDT
Detroit's county in financial emergency, state review team says
Michigan's Wayne County, home to Detroit, is in a financial emergency due to chronic budget deficits and a big unfunded healthcare liability, a state-appointed review team announced on Tuesday.
Michigan Governor Rick Snyder has 10 days to officially declare a financial emergency.
Wayne County Executive Warren Evans requested the review last month, asking the state for a fiscal emergency declaration and a consent agreement to fix problems.
The review team, appointed on July 2, said the county's out-of-balance budgets over the last four years and an estimated $1.3 billion unfunded healthcare liability led to its conclusion that a financial emergency exists.
Detroit went through a similar review process that led to the filing of the biggest U.S. municipal bankruptcy, which the city exited last December after shedding about $7 billion of its $8 billion of debt and obligations.
(Reporting By Karen Pierog; Editing by Christian Plumb, Bernard Orr)
Detroit's county in financial emergency, state review team says
Michigan's Wayne County, home to Detroit, is in a financial emergency due to chronic budget deficits and a big unfunded healthcare liability, a state-appointed review team announced on Tuesday.
Michigan Governor Rick Snyder has 10 days to officially declare a financial emergency.
Wayne County Executive Warren Evans requested the review last month, asking the state for a fiscal emergency declaration and a consent agreement to fix problems.
The review team, appointed on July 2, said the county's out-of-balance budgets over the last four years and an estimated $1.3 billion unfunded healthcare liability led to its conclusion that a financial emergency exists.
Detroit went through a similar review process that led to the filing of the biggest U.S. municipal bankruptcy, which the city exited last December after shedding about $7 billion of its $8 billion of debt and obligations.
(Reporting By Karen Pierog; Editing by Christian Plumb, Bernard Orr)
http://www.reuters.com/article/2015/07/21/us-usa-michigan-waynecounty-idUSKCN0PV20M20150721
