The latest Michigan community to fall into financial collapse is the tiny half-square mile community of Royal Oak Township, in Oakland County.
Late last month, Gov. Rick Snyder confirmed a financial emergency existed in Royal Oak Township. That cleared the way for action under Michigan's overhauled emergency manager act, PA 436.
What's happened in Royal Oak Township illustrates the changes and options available under PA 436 after voters rejected the previous emergency manager law in November 2012. We wondered if other communities can learn cautionary lessons from the financial troubles of Royal Oak Township.
Eric Scorsone, municipal finance expert from Michigan State University, joined us today.
Listen to the full interview above.
