Findings on Detroit's Finances to be Announced Soon

4798A state-appointed review team analyzing Detroit's finances is expected to announce its findings.
The team's determination could lead Michigan Gov. Rick Snyder to place the cash-strapped city under state oversight by appointing an emergency manager. The team has a news conference scheduled for Tuesday afternoon.

The review team started its work in December. It's deadline for a report is Tuesday, though members could request an extension from Snyder.

The governor has said he is compiling a list of potential candidates for the emergency manager's job.

Detroit is billions of dollars in debt and has a budget deficit topping $300 million. In recent months, the city has had trouble with cash flow and has been relying on bond money from a state-held escrow account to help pay its bills.

Source: The AP
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