Michigan governor names team to review Detroit finances

Reuters News
Posted: Dec 27, 2011 3:23 PM

(Reuters) - Michigan Governor Rick Snyder appointed a team to review Detroit's finances, a move that could end in a possible state takeover, the governor's office said Tuesday.

The team was named after a preliminary review of city finances showed "probable financial stress" after Detroit was unable to tackle its mounting deficits.

The team, which includes State Treasurer Andy Dillon and other local officials, has 60 days to complete its work. The formal review was announced last week.

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The appointments are the next step in the review process, which is driven by expectations that Detroit will run out of cash by April.

(Reporting By David Gaffen; Editing by Padraic Cassidy)