Detroit's EM works to find the city's bottom line

(WXYZ) - It's no secret Detroit is bleeding financially. But a new report from emergency manager Kevyn Orr may reveal even deeper wounds.

The EM's office says come summer time, Detroit will have a major cash flow problem. This report is set to lift the proverbial band aid off the city's finances.

And from our discussions with the EM's office, it appears the band-aid won't be enough.
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"It's really going to be the first time that everyone is going to see the problem, warts and all, in one place," said Bill Nowling, spokesman for Orr.

Nowling says the EM is days away from submitting his forty page financial report to the state, set to be released Monday.

"Now the report won't be specific to what the fixes are, but it will identify all the problems that need to be addressed, and this is going to be the first time that all of that is going to be put into one document," said Nowling.

Orr's office says the report reveals the true depth of Detroit's financial emergency, and the red ink spills pretty deep.

"It  is worse than we thought. It's not that anything new has come up. But just the amount of debt that has accumulated, the amount of debt that's getting racked up over time, and the amount of deficit the city continues to spend in. A little more than we thought it would be," said Nowling.

The report won't address the possibility of bankruptcy, but what it hopes to do is find solutions before even dire discussions are addressed.

"I mean, it's not a foregone conclusion that that is where we're going to end up. Kevyn Orr still believes we can bring everyone to the table. And that's part of the process of this report. It's so everyone will see the enormity of the issues we'll have to deal with," said Nowling.

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