Financial Review Team says there is a financial emergency in Detroit

DETROIT (WXYZ) - During a news conference on Detroit's financial crisis, the Financial Review Team declared that the city is in a financial emergency.

It will be up to Governor Rick Snyder to determine if the state should extend a consent agreement with the city to resolve the crisis - or appoint an emergency financial manager. 

The EFM is expected to be the decision because Detroit has been under the consent agreement since last April and results have been mixed.

Short term finances have improved but long term debt is in the billions and there is no long term plan to resolve it, according to financial review team members and even financial experts working in Detroit Mayor Dave Bing's administration. 

That's in part because consultants hired to work with the city have only been on board for a month.

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