State review of Detroit finances finds ‘serious problem,’ calls for action (Detroit News)

December 15, 2012 – The state has completed its most recent review of Detroit’s finances and found “a serious financial problem” that merits further action, state officials said late Friday. The review, which began Tuesday and could have taken up to 30 days, was completed in four, possibly moving the city closer to an emergency financial manager. According to a statement released late Friday by state Treasury spokesman Terry Stanton, the review found: The city violated a state law that requires it to amend its budget “as soon as it becomes apparent that such an amendment is necessary.”

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