Gov. Snyder Confirms Financial Emergency in Royal Oak Township

Gov. Snyder Confirms Financial Emergency in Royal Oak TownshipJudyPalmer01

(State of Michigan Press Release, March 19, 2014)

Gov. Rick Snyder today confirmed his earlier determination that a financial emergency currently exists in Royal Oak Township. Under Public Act 436 of 2012, the Local Financial Stability and Choice Act, elected officials in the township now have seven days to select one of four options to address the financial emergency; a consent agreement, an emergency manager, neutral evaluation, or Chapter 9 bankruptcy.

On January 30th, Governor Snyder determined that a financial emergency exists in Royal Oak Township ctechadafter reviewing a report from an independent financial review team. Following a hearing township officials requested, as allowed under PA 436, State Treasurer Kevin Clinton recommended that the governor confirm his determination of a financial emergency.

The Local Financial Stability and Choice Act provides local officials with the authority to determine how a financial emergency is to be remedied. The township board has until 5 p.m. on Wednesday, March 26th to pass a resolution selecting one of the four options.

For more information about Royal Oak Township or PA 436, visit the Local Government Fiscal Health page on the Department of Treasury’s website at www.michigan.gov/treasury.

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