Financial review team's report headed to Gov. Synder

Financial review team's report headed to Gov. Synder

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DETROIT (WJBK) -

The financial review team's report on Detroit's finances is complete and is headed to Gov. Rick Snyder. His staff members tell us he'll have the report in his hands by Tuesday.

In his recent State of the City address, Mayor Dave Bing said Detroit had no emergency manager "to date." But, that could soon change as the governor pours over the financial review team's report. Sources tell a local newspaper the report outlines massive debt and the city's inability to get out from under it. The team reportedly makes it clear they do not believe the mayor and city council can fix this on their own.

"I never want to get into emergency managers if I can help it," Gov. Snyder told a crowd last week at the MGM Grand. "But the city's finances need to get stabilized, they need to get resolved, and we need to move forward."

The governor also told us he has a "short list" of emergency manager candidates but he denied a state takeover is definite.

Detroit faces $12 billion in long term debt and pension liabilities. The review team spent weeks going over Detroit's books; it was the second emergency evaluation in less than a year. Once the governor receives the report he has 30 days to decide whether to appoint an emergency manager.

Stay with Fox 2 and myfoxdetroit.com for updates.

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