ROYAL OAK TWP. (AP) – Gov. Rick Snyder has confirmed that a financial emergency exists in Oakland County’s Royal Oak Township.
The state treasurer’s office said Wednesday that elected officials in the impoverished community of 2,400 just north of Detroit have seven days to select one of four options to address the problem.
Those options are going into a consent agreement with the state, being assigned an emergency manager, seeking a neutral evaluation or move toward Chapter 9 bankruptcy.
Review teams have said the township’s funds declined $500,000 from the end of 2011 to the end of 2012. The state also says that township officials failed to adopt a budget for this fiscal year before it began.
State-appointed emergency managers are in charge in Detroit, Allen Park, Benton Harbor, Flint, Hamtramck, Pontiac and several school districts.
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