CHICAGO - After releasing its long-delayed fiscal 2006 audited financial results last week, Detroit officials are expected to present Michigan this week with a timetable for the release of its already-overdue 2007 audit - a move that could advance the city's stalled borrowing plans and persuade the state to resume all of its aid payments.
The state has withheld roughly $61 million of Detroit's bi-monthly state revenue aid payments over the last few months in an effort to push the city to release the overdue 2006 and 2007 certified audited financial results. In December, the state Treasury Department withheld roughly $26 million in state revenue-sharing aid funds due to the 14-month delay in the city's release of its 2006 audit. The city released that audit last Wednesday - but Thursday state officials said they were withholding an additional $35 million until the city drafts a comprehensive plan to release its fiscal 2007 audit. That audit was due Dec. 31, 2007.