The city’s Financial Advisory Board said today it had grave doubts Detroit will be able to get through cash crisis and voted unanimously this afternoon to support state Treasurer Andy Dillon’s move to begin a 30-day review of city finances, Matt Helms reports in the Detroit Free Press.
It is becoming increasingly clear that the review likely will end with a state emergency financial manager overseeing the city.
“It is not difficult to conclude there is substantial doubt” Detroit will be able to stay solvent, board member Ken Whipple said.
The board heard even worse projections today that Detroit could end the 2012-2013 fiscal year $113 million short of cash. Board chairwoman Sandy Pierce said she worried that the city’s cumulative deficit could reach $440 million.
