Tagged: Detroit finances

Kevyn Orr's report, mandated by the state after an emergency manager's first 45 days in office, confirms a city in desperate shape, with costs for retiree benefits eating up a third of its budget and public services suffering as Detroit's revenues and population shrink each year.

Lansing - Michigan's emergency loan board approved Kevyn Orr as Detroit's emergency manager after a 15-minute videoconference question-and-answer session with the Washington D.C. attorney from the board meeting room in the state Treasury building. The three-member board consists of State Treasurer Andy Dillon, Budget Director John Nixon and Steve Arwood, director of the Department of Licensing and Regulatory Affairs.

Detroit - Gov. Rick Snyder hasn't yet revealed his pick for Detroit emergency manager, but he's offering some clues into what he's looking for as speculation mounts over who might assume the unprecedented role.

Detroit - Governor Rick Snyder announced Friday declared Detroit in a state of financial emergency, paving the way for an emergency manager to be appointed to run Michigan's largest city. "I believe it's appropriate to declare the city of Detroit in financial emergency based on the review team report," Snyder said during a town hall meeting today.