State Treasurer Reviewing Flint’s Finances

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.


Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Detroit

Best Places To See Indie Rock In DetroitIt's called Detroit Rock City for a reason.
Guide: Best Barbecue In Metro DetroitSometimes, nothing hits the spot like good barbecue.

Watch & Listen LIVE