CRC Paper Considers the New York Approach to Resolving a Financial Crisis
As Detroit and Michigan officials work to resolve the financial crisis facing this state’s largest city, it may be instructive to revisit a similar situation: the 1975 financial crisis in New York City. Comparing the factors that led to the crisis, the negotiations, and the structure that was put in place to resolve the crisis and place New York City firmly on the road to financial recovery and sound budgeting and financial management may help in assessing the state’s efforts to ensure a viable future for Detroit.
Citizens Research Council presents State Oversight: The New York Approach at this critical time in negotiations over the future of Detroit.
The full report is available at no cost on the Citizens Research Council's website, www.crcmich.org.
Founded in 1916, CRC works to improve government in Michigan. The organization provides factual, unbiased, independent information concerning significant issues of state and local government organization, policy, and finance. By delivery of this information to policymakers and citizens, CRC aims to ensure sound and rational public policy formation in Michigan. For more information, visit www.crcmich.org.