The governor of Michigan is expected to announce today that the state will take over the operations of Detroit’s city government.
Governor Rick Snyder will announce, today at noon, his appointment for an emergency financial manager to run the city. The person appointed will have complete control over the city, whereas the council-members of Detroit will not.
If the Michigan Governor appoints an emergency financial manager today, the city has 10 days to appeal that decision.
Detroit is facing a 100 million dollar cash shortfall, and faces 14 billion dollars in unfunded pension liabilities .
To learn more about what would happen, if an emergency financial manager is appointed, check out the video above.
View original post 17 more words