A 30-day financial review clock should start ticking, Detroit's Financial Advisory Board says.
Members urge the state to begin a review of municipal financial records that could lead to an emergency financial manager, The Detroit News reports.
The board, which is overseeing the city's finances under its consent agreement with the state, called Monday for the state to begin a review of Detroit's finances under Public Act 72.
"The (pace) has to be urgent," board member Darrell Burks said after the panel's monthly meeting.
In their article, Darren A. Nichols Leonard N. Fleming add that state Treasurer Andy Dillon doesn't want to address the city's short-term cash squeeze by releasing the full $30 million in bond funds being held in escrow.
"We've had two months in a row of significant erosion of cash," Dillon said. "If we do face a crisis, it's important that the state have some reserves so that we can maintain essential services (such as) police and fire."
