The Michigan Treasury will immediately begin a preliminary review of the troubled finances of Wayne County, Reuters reported on Friday. County officials were notified of the action in a letter on Thursday from State Treasurer Nick Khouri. Wayne County Executive Warren Evans on Wednesday asked the state for a fiscal emergency declaration to deal with a chronic budget deficit. Detroit, which is located within Wayne County, exited the biggest-ever municipal bankruptcy last year, shedding about $7 billion of its $8 billion of debt and obligations. Under Michigan law, state officials have 30 days to complete the review of Wayne County that began on Friday. The initial findings will be presented to county officials before a final report goes to Michigan's Local Emergency Financial Assistance Loan Board, which will determine if an in-depth review is warranted to determine if a financial emergency exists.
