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Fri December 30, 2011
Audit shows one bright spot in Flint's bleak financial picture
A new audit finds the city of Flint is still struggling with millions of dollars of debt. But the report shows one bright spot for the troubled city.
It´s hardly a surprise, but a new audit of Flint´s finances confirms the city ended its last fiscal year about 7 million dollars in debt. The city´s crushing debt was one of the reasons Governor Snyder appointed an emergency manager to fix Flint´s `financial emergency´.
The year-end audit by the accounting firm, Plante and Moran, credited 8 million dollars in state approved fiscal stabilization bonds with helping keep things from being even worse in Flint.
Flint´s finance director Jerry Ambrose says there is at least one bright spot in the audit. City income tax revenues were three million dollars above expectations. Ambrose says that could suggest Flint´s employment situation is improving.