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State Treasurer Reviewing Flint’s Finances

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FLINT (AP) – A review is under way by the state treasurer’s office into Flint’s troubled finances.

The Flint Journal reports that Mayor Dayne Walling on Friday announced the preliminary financial review. At the end of the review, a financial manager could be appointed to run the city’s finances.

Walling says his office is cooperating with the state and that he’s optimistic an emergency financial manager will not be needed.

Flint has long struggled with economic decline tied to the auto industry. More than 60 police officers were laid off last year to cope with a multi-million-dollar budget deficit.

It’s the first Michigan city to undergo a preliminary financial review since the state’s new emergency financial manager law was signed earlier this year.

Copyright 2011 by The Associated Press. All Rights Reserved.

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