DETROIT (WXYZ) - The 7 Action News team has learned a six-member financial review team report on Detroit's financial crisis will be in the hands of Governor Rick Snyder by Tuesday and his decision on a state takeover could come within days.
An insider who talked with 7 Action News reporter Jim Kiertzner and who worked with the team says they finished their work Friday evening in a conference call and had to look at three steps: does a financial emergency exist, can it be resolved by city leaders and do they have a long-term strategic plan?
An executive summary of the findings, said to be about 15 pages, goes to the Governor. A summary letter will also go to him and the potential targets of a state takeover, Detroit Mayor Dave Bing and the Detroit City Council.
The city has been operating under a consent agreement with the state since last April. But long-term debt is the major issue facing the city. The amount is said to be in the billions.
The city recently hired financial consultants as part of the consent agreement, but they've only been on board a few weeks. They could help Mayor Bing or an emergency financial manager if the governor makes that decision.
He has up to 30 days to decide, but has said he can make a quick decision.
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