Citizens Research Council of Michigan

So, does Detroit really need an Emergency Manager? Can the city’s elected leaders somehow get the job done? This much we know: The governor has ordered a preliminary review of  the city’s finances. There have been major signs of trouble for years.

Now, the city is running a large budget deficit, and the mayor says that as it now stands, the city will run out of cash by April.

user Urban Adventures / Flickr

A recent report from the Citizens Research Council of Michigan highlights a sometimes overlooked part of Detroit’s current fiscal crisis: the city’s debt and legacy costs.

According to the report, Detroit has about $14 billion in liabilities (though about $5.2 billion of that is for the Detroit Water and Sewerage Department, and thus shared with its suburban customers).