DETROIT (WWJ/AP) - An audit says Detroit's accumulated general-fund deficit is nearly $327 million.
The audited figures for the fiscal year that ended June 30 show that the deficit grew about $130 million from the roughly $196 million shortfall the city reported for the 2010-11 fiscal year.
Detroit is awaiting the findings of a state-appointed review team, which for the second time in 12 months is looking into the city's finances.
The first review led to a consent agreement between Mayor Dave Bing and Gov. Rick Snyder on a plan to turn the city around. If the current review determines the city is in a financial emergency, Snyder could appoint a manager to take over the restructuring job Bing is trying to complete.
TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
for more features.