Quarterly report shows Detroit in financial crisis

(WXYZ) - The much anticipated financial report for the city of Detroit was issued on Monday and it shows Detroit's finances are getting worse.

The quarterly report shows the city's financial condition is dire and the city's liquidity is dangerously low. If the situation does not change, Detroit could run out of cash by July 30. 

The report does not say the deficit has grown beyond $18 billion. The emergency manager says he is still negotiating with creditors including those pension funds. 

The offer is 10 cents on the dollar for unsecured creditors. 

EM Quarterly Report

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