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Pontiac under takeover!By Theblogprof, Section News
cross-posted at theblogprof
From the freep this morning: State to take over Pontiac's finances. Signaling the city of Pontiac is on the edge of financial chaos, Gov. Jennifer Granholm has notified the mayor that a state-appointed financial manager will be taking over.Looks like Pontiac has the condition they caught from a nearby city - Detroitus incompititus. It's a nasty bug too. There are clear symptoms: But Michigan's Treasury Department during reviews of Pontiac's finances found the city consistently spent more money than came in to city coffers and the mayor and council have not been able to agree on how to resolve the city's budget issues, the governor said.Plus this: "The Review Team is somewhat concerned by what it perceives as a lack of urgency on the part of City officials in addressing in a meaningful manner the City's serious financial problem"Plus this: City officials could not be reached for commentClear symptoms. We'll see what a state in a budget hole due to asimilar strain of overspending can do for a city in a budget hole because of the same. In fact, by extension, we'll see what a broke country can do for a broke state can do for a broke city.
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