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

Feb 19, 2013

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.