How many Michigan cities are going to go bankrupt?
February 17, 2011
Snyder will announce a 33 percent cut in one pot of money that gets shared among municipalities, his Director of Strategy Bill Rustem said. The pain for cities comes when plummeting property values and a poor economy have forced major cuts to local services and sent some cities to the verge of bankruptcy.
Reading this morning's Detroit News online, I see that Gov. Rick Snyder wants to cut state revenue sharing to cities by 33 percent.
Keep in mind that this is not a free gift to cities. It's part of a thought-out plan that was developed by municipalities and the state to finance cities.
Michigan cities are in trouble if the legislature accepts Snyder's proposal to slash revenue sharing.
Will our State Capital city be forced into bankruptcy? How many other cities are in the same position?