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Mon October 31, 2011
Review of Flint's financial health due today
Today is the deadline Governor Snyder set to complete a review of the city of Flint’s finances.
When he appointed the financial review panel in September, Governor Snyder said he wanted to hear back from them by the end of October. However, what the governor will hear is unclear.
As of Friday, a governor’s office spokeswoman said the review team was still analyzing its data. And Flint Mayor Dayne Walling said on Friday he had not heard from the panel since earlier this month.
The city of Flint is expected to end the current fiscal year more than 10 million dollars in debt. Flint leaders have cut the city’s budget by about a third in recent years, trying to balance rising costs and shrinking tax revenues.
The financial review panel could recommend a variety of options to the governor. They include giving Flint’s elected leaders more power to deal with budget decisions or handing over power to a state appointed emergency manager.
Flint city officials have said they hope to avoid a state takeover similar to the one in 2002.