Wayne County Declared in Probable Financial Stress
The Emergency Loan Board determined Wednesday that “probable financial stress” exists in Wayne County.
Wayne County is under “probable financial stress.” That determination was made today (Wed) by the state’s Local Emergency Financial Assistance Loan Board.
Executive Warren Evans asked the state to declare a financial emergency last month. Michigan Department of Treasury Spokesperson Terry Stanton says the determination is the conclusion of the first step in the process.
“At this point the next step would be for the governor to appoint a review team which will take, for lack of a better term, a deeper dive into the county’s financial picture,” Stanton says.
Stanton says there isn’t a date set for the appointment of the review team. He says it’s too early to tell if the county will be placed under an emergency manager.
