Last updated: May 13. 2013 2:36AM - 759 Views
Associated Press

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(AP) A new report out by Detroit's emergency manager says the city is broke and faces a bleak future given the financial path it's on.

The report released late Sunday by Emergency Manager Kevyn Orr says Detroit's net cash position was negative $162 million as of April 26 and that the projected budget deficit is expected to reach $386 million in less than two months.

The summation is the latest blow to the city which came under state oversight in March when Gov. Rick Snyder selected Orr to handle Detroit's finances. Then, the city estimated its budget deficit to be about $327 million. Detroit also has struggled over the past year with cash flow, relying on bond money held by the state to pay some of its bills.

Associated Press
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