State team assigned to look into Pontiac school finances
Gov. Rick Snyder has named six people to review the finances of the Pontiac School District, a step that could lead to the appointment of an emergency manager or other measures for the Oakland County district struggling with a $38 million budget deficit.
A three-member Local Emergency Financial Assistance Loan Board on June 6 found "probable financial stress" in the district.
Under the new emergency manager law, if a financial emergency is found to exist, Pontiac officials have four options. They can enter a consent agreement with the state, agree to an emergency manager, go through a neutral evaluation process, or choose bankruptcy.
Here's a list of all school districts and cities that engaged with the state's emergency manager law (the Local Financial Stability and Choice Act).