State of Michigan is About to Take Ownership of Detroit
Mayor Dave Bing said today that Gov. Rick Snyder will announce on Friday whether he will appoint an emergency financial manager for the troubled city.
Bing, attending a policy conference today in Detroit, would not say what Snyder told him his decision was, saying only “that he’s going to let the governor make his announcement tomorrow,” said spokesman Bob Warfield.
But Bing said he doesn’t expect Snyder to name a person into that position on Friday.
Snyder’s representatives couldn’t be reached for comment today on his decision, which is widely expected to be that he’ll appoint an emergency manager to fix the disastrous finances of a city drowning in deficits and more than $14 billion in long-term debts and liabilities related to bonds, retiree pensions and health care benefits.