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Posted: 6:30 PM Nov 30, 2009
Review team to look at Benton Harbor's finances
Lansing, MI Gov. Jennifer Granholm says a review team has been appointed to examine Benton Harbor's finances.
Reporter: Associated Press |
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Gov. Jennifer Granholm says a review team has been appointed to examine Benton Harbor's finances.
A preliminary review of city finances in August revealed that fund deficits, accumulated deficit spending and internal control problems were among the issues leading to the southwestern Michigan city's troubles.
The state Treasury Department said in a release Monday that the team has to decide whether a serious financial problem exists; that, if one does exist, a plan has been adopted to resolve it; or that there is a local government financial emergency because there is no satisfactory plan to resolve the problem.
The team must report its findings to Granholm within 60 days. It can be granted a one-time, 30-day extension.
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