Michigan Treasurer says Detroit to run out of money by May

Reuters News
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Posted: Jan 10, 2012 2:49 PM

Lansing, Michigan (Reuters) - The struggling U.S. city of Detroit is on track to run out of money in May instead of April after spending changes made by city officials, Michigan Treasurer Andy Dillon said on Tuesday.

Dillon addressed media following a two-and-a-half-hour meeting with a team that is looking at Detroit's financial picture and trying to assess whether the city needs an emergency manager to take over operations. It was the first time the 10-member team met since it was appointed last month.

(Reporting By John Stoll)