Gov. Rick Snyder weighs in on Flint's finances - WNEM TV 5

Gov. Rick Snyder weighs in on Flint's finances

FLINT, Mich. (AP) - A review is under way by the state treasurer's office into Flint's troubled finances.

Mayor Dayne Walling on Friday announced the preliminary financial review.

At the end of the review, a financial manager could be appointed to run the city's finances.

Walling says his office is cooperating with the state and that he's optimistic an emergency financial manager will not be needed.

Flint has long struggled with economic decline tied to the auto industry. More than 60 police officers were laid off last year to cope with a multi-million-dollar budget deficit.

It's the first Michigan city to undergo a preliminary financial review since the state's new emergency financial manager law was signed earlier this year.

Click the video above to see what Gov. Rick Snyder had to say about Flint's financial situation.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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