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Wed November 16, 2011
Mayor to speak about Detroit's bleak finances
DETROIT (AP) - Detroit Mayor Dave Bing is planning to discuss the city's fiscal crisis and problems with its transportation and lighting systems.
The address to residents is scheduled for Wednesday evening at the Northwest Activities Center.
Bing recently said Detroit's continued financial struggles may require the intervention of an emergency financial manager and he would consider filling that role if asked by the governor. He's said the city faces a $150 million "cash shortage" by the end of the first quarter of 2012.
The mayor said in April that Detroit faced a possible state takeover if the city couldn't make improvements to its finances. A state law passed in March gives state-appointed financial managers more power when fixing the finances of municipalities and school districts.