- Associated Press - Monday, April 14, 2014

LANSING, Mich. (AP) - Michigan Gov. Rick Snyder has determined that a financial emergency exists in the Detroit suburb of Lincoln Park.

His finding Monday backs up a state review team’s declaration earlier this month.

Snyder says Lincoln Park was nearly $90,000 in the red by last summer. A $4.5 million balance in the city’s general fund has been depleted over three years, and city officials have indicated the deficit likely will grow by at least $1 million this fiscal year.

Lincoln Park has seven days to request a hearing before the state treasurer. Snyder then will either confirm or revoke his determination.

Lincoln Park could choose a consent agreement with the state, the appointment of an emergency manager or file for bankruptcy.

An emergency manager would have sweeping powers over the city’s finances.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide