Michigan Treasurer Andy Dillon said Detroit to run out of money by May

Michigan Treasurer Andy Dillon said  Detroit to run out of money by May:The struggling U.S. city of Detroit is on track to run out of money May instead of April, having spent the changes of city officials, Michigan Treasurer Andy Dillon said Tuesday.Dillon addressed the media after two and a half-hour meeting with a team that looks at the financial picture in Detroit, and tries to estimate how much the city needs emergency manager to take over operations. It was the first time, the 10-member team met since he was appointed last month.

He said the most pressing question in Detroit is figuring out how to arrest the rising costs of health care and retirees cleaning Laden balance in the debt and interest costs. Detroit Mayor Dave Bing previously predicted it would run out of money in April, if the costs had not been eradicated."It is my understanding that April was postponed to May," Dillon, noting that the mayor "needs concessions from labor, to avoid running short of money."Dillon said the team met with "a matter of urgency ... and there was also anger," because the team members asked, "how do we know that the numbers were bad?" He said.

He said the team - which includes a retired police chief of Detroit and Michigan, a former Supreme Court judge - used audited financial statements and a report submitted by the business community as the basis for their first meeting.Dillon expects to make recommendations for the emergency manager of Detroit in the next 50 days. As the team digs in finance Detroit, Detroit Mayor Dave Bing works to extract significant concessions from labor unions.

If Bing provides a credible plan to reduce the cost to the government, Dillon said he would suspend the financial review team. Bean said he plans to release a plan in early February.The team was named Governor Rick Snyder, after a preliminary review showed the city finances "probable financial stress" after Detroit was not able to solve the mounting deficit.Detroit, with a population of 714,000, has faced hard times as a reduction in the automotive industry has led to a reduction in population and the decrease in revenues. More than 36 percent of Motor City live below the poverty line, according to U.S. Census Bureau.

Dillon's team will meet with representatives of the Bing administration, city council members and trade unions in the coming weeks. Dillon said that although this financial review is an overview of the "quality of life."The panel wants to "make sure that residents are not waiting for the bus to arrive, or when they call 911 public safety comes ... to make sure people are safe in the area and there is no lighting in the area. "