It is expected that on Thursday, Mar. 14 Governor Rick Snyder will announce his final decision regarding what to do about Detroit’s financial emergency.
After officially determining that a financial manager is needed to resolve the city’s challenges, Snyder is expected to make the historic announcement at 2.p.m. in downtown Detroit. It will be a monumental move for the governor’s political career, yet he has vowed to take full responsibility for its outcome.
Rumors continue to circulate that the governor will appoint Kevyn Orr – University of Michigan graduate and attorney from Washington, D.C. – to the EFM position.
The anticipated announcement is expected to come just one day after city council traveled to Lansing in an effort to appeal the state takeover. They have argued that they need more time to come together to resolve Detroit’s financial crisis on their own. Mayor Dave Bing openly expressed his disagreement with the council’s opposition. He stated that he is willingly to work with an EFM to get the city’s finances back on track and continue the momentum Detroit has received through its latest business ventures.
A billion dollar debt crisis and budget deficit continue to plague Detroit’s finances. Will an EFM be the solution?