Review finds "A serious financial problem" exists in Detroit

State Treasurer Andy Dillon has informed Governor Rick Snyder that a preliminary review has found "a serious financial problem" exists in Detroit.

It's one of the steps toward placing the city under the control of a state-appointed emergency financial manager. The review found the city does not have a plan to address a deficit that could be as high as 122 million dollars in this fiscal year.

The next step is for a second formal review that will probably take place next week.