Gov. Snyder to receive report on Detroit's cash crisis - New York News

Gov. Snyder to receive report on Detroit's cash crisis

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(Credit: WJBK|myFOXDetroit.com) (Credit: WJBK|myFOXDetroit.com)
DETROIT (WJBK) -

Governor Rick Snyder will receive a report on Detroit's finances from the state's financial review team on Tuesday and it will likely paint a grim picture of the city's massive debt.

It will also detail the failed attempts by the city council and the mayor to deal with the crisis. Tuesday is not a decision day but rather a delivery day.  Fox 2 Political Analyst Tim Skubick explains the document will say Detroit on its own can't solve its financial problems. "This governor is very methodical. He is not going to willy-nilly pull the trigger on anything," Skubick said.

There are three options.  If the team says there is an emergency then the governor can appoint a financial manager.  The city also can file for bankruptcy. That's not a favored choice by the city or the state Skubick reports.  Or the consent agreement that is still fresh from this Spring can be renegotiated.  That ship may have sailed.

"The Consent Agreement was agreed to last April, but never fully implemented. That's a source of frustration because the governor thought that was a way out of this problem to avoid an Emergency Manager" Skubick said.

The report is expected to hit Lansing today, but keep in mind the review team does have the option to ask for an extension.   A governor's spokesperson says that while the governor will likely get the report today, he has 30 days to act on a recommendation. A decision is likely to happen rather quickly, possibly within a week.

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