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.

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments

Leave a Reply

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

Google+ photo

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

Twitter picture

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

Facebook photo

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

w

Connecting to %s

More From CBS Detroit

Best Cooking Classes In DetroitLearn how to whip up some wonderful dishes while having fun!
5 Bucket List Items To Cross Off In DetroitThe “must-do” items for anyone making a trip to Detroit.

Watch & Listen LIVE