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Detroit financial review to be revealed at 4 p.m. today

Aaron Headly

If you think you've heard this before, you have.

This is the second state review of Detroit's finances.

The first review in 2012 led to a "financial stability agreement" and the installation of a Detroit financial advisory board in the spring of 2012.

We're coming up on the one-year anniversary of that agreement, and the city's finances are anything but stable.

Many expect the review to be poor. More from Michigan Radio's Sarah Cwiek:

It’s widely expected that the report will depict a city on the brink of insolvency, a mayor and City Council unable to handle it—and suggest further state intervention.

Cwiek reports the Governor gave the review team extra time to delve deeper into the city's books - books that could show a long-term debt "estimated at more than $12 billion."

The financial review team will discuss its report to Governor Snyder during a press conference at 4:00 p.m. today on the 14th floor of Cadillac Place, 3044 W. Grand Blvd. in Detroit.

Michigan Radio's Sarah Cwiek will be there and give us a update later today.

Governor Snyder is not expected to attend, but an announcement on an emergency financial manager appointment is expected within the next week or two.

Mark Brush was the station's Digital Media Director. He succumbed to a year-long battle with glioblastoma, an aggressive brain cancer, in March 2018. He was 49 years old.
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