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Financial review team named to Lincoln Park

Michigan Governor Rick Snyder talks about the future of the city of Detroit during a news conference in Detroit, Michigan February 21, 2013.
Michigan Governor Rick Snyder talks about the future of the city of Detroit during a news conference in Detroit, Michigan February 21, 2013.

LANSING (WKZO) -- One week after declaring financial emergencies in Highland Park and Royal Oak Township, Governor Rick Snyder has named a financial review team to the city of Lincoln Park. A preliminary review of Lincoln Park's finances found the city had a deficit of over 700-thousand dollars in 2012, has over 69-million dollars in unfunded liability in its employees pension plans and that taxable property values have dropped more than 31-percent in the past four years. If the team finds a financial emergency exists, an emergency manager could be appointed to the city.

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