LANSING, Michigan (Reuters) - Michigan Governor Rick Snyder will officially declare a financial emergency for Detroit on Friday, paving the way for a state takeover of the city, a state government source said on Thursday.
At a forum in Detroit, the Republican governor will endorse the February 19 findings of a six-member review team that concluded the city’s dire financial situation constituted an emergency, according to the source, who asked not to be identified.
Sara Wurfel, Snyder’s spokeswoman, said the governor will outline “his determination on whether or not there is an emergency.”
The official declaration of an emergency for Michigan’s biggest city will trigger a 10-day deadline for Detroit officials to request a hearing with Snyder. It will likely result in the appointment of an emergency financial manager to manage its fiscal affairs.
Long overdue. It should have been done a decade ago.
Too bad he’s only taking over the financials. To really fix the city you’d have to wipe out all their local regulations and start over.