Wayne County to enter consent agreement with state to fix $52 million deficit

Wayne County to enter consent agreement with state to fix $52 million deficit - Crain's Detroit Business:
"Wayne County will enter into a consent agreement with the state of Michigan in an effort to fix a $52 million structural deficit.
County commissioners voted 12-2 Thursday to allow state Treasury officials to take an active role in the fiscal restructuring of the county, which has 1.7 million residents and Detroit as its largest city.
Past deals with Detroit and other fiscally troubled Michigan communities have included the appointment of financial advisory boards, the submission of monthly reports to the Treasury Department and the creation of revenue and spending plans.
Gov. Rick Snyder confirmed last month that a financial emergency existed in Wayne County, which faces a projected $171 million deficit by 2019 if remedial measures aren't taken.
...Detroit entered a consent agreement with the state in 2012, but was unable to consistently meet the requirements of the deal. Snyder confirmed Detroit's financial emergency in early 2013 and that March appointed turnaround specialist Kevyn Orr as emergency manager.
Orr was given control of Detroit's finances and took the city through the largest municipal bankruptcy in U.S. history.
The city emerged from Chapter 9 in December, eliminating or restructuring $7 billion in debt."