A review team appointed by Michigan Governor Rick Snyder to scour Detroit's finances will recommend an emergency financial manager, City Council President Charles Pugh said on Tuesday.
"They are recommending an emergency manager. That's what (Michigan Treasurer) Andy Dillon said," Pugh told city council members during a meeting. Dillon is a member of the review team.
The review team is scheduled to announce its recommendations at a press conference later on Tuesday in Detroit.
Snyder assembled the six-member team in December after slow progress on restructuring Detroit's sagging finances and operations under an April 2012 consent agreement between the city and Michigan.
No other American city in recent decades has faced a decline in population as steep as Detroit's. Once the fifth largest U.S. city that shined as the birthplace of the U.S. automotive industry and Motown music, it now ranks 18th with about 700,000 people.
With the exodus of residents and jobs, the city has suffered from declining tax revenue and rising crime while saddled with the infrastructure and labor costs of a bygone era.
If the state moves forward with the recommendation to appoint a financial manager, that person could in turn recommend that Detroit file for bankruptcy. If that happens, it would be the largest Chapter 9 filing ever.
Copyright 2013 Thomson Reuters.
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