LANSING (AP) – Another Wayne County community may be next in line to get an emergency manager. Gov. Rick Snyder has appointed a review team to look at the finances of Lincoln Park.
A loan board determined last month that “probable financial stress” exists in Lincoln Park, after city officials borrowed $2.5 million from its water and sewer fund for a pension payment in fiscal year 2013, and 46% of its general fund revenues in fiscal 2012 went to debt payments and retirement obligations.
The review team has 60 days to report back to the Governor.
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