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Detroit finances worse than thought

by

DETROIT (WKZO) -- The city of Detroit has a few hurdles to clear before receiving money from bond sales. Without the ten-million this month and 20-million in bond money next month, the city could run out of cash by the middle of December.

Kriss Andrews, who is overseeing the city's changes being implemented under a financial stability agreement with state, says he believes Detroit will rise to occasion and remain solvent for now.  The long-term picture remains in doubt though.

In the Detroit Free Press, Andrews is quoted saying that the city's financial crisis is, "more challenging than it's ever been and more challenged than we reported last month."  He says Detroit must find new revenue sources.

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