Group to announce findings on Detroit finances

Group to announce findings on Detroit finances

DETROIT (AP) — A state-appointed review team analyzing Detroit’s finances is expected to announce its findings.

The team’s determination could lead Michigan Gov. Rick Snyder to place the cash-strapped city under state oversight by appointing an emergency manager. The team has a news conference scheduled for later this afternoon.

The review team started its work in December. It’s deadline for a report is today, though members could request an extension from Snyder.

The governor has said he is compiling a list of potential candidates for the emergency manager’s job.

Detroit is billions of dollars in debt and has a budget deficit topping $300 million. In recent months, the city has had trouble with cash flow and has been relying on bond money from a state-held escrow account to help pay its bills.