12/08/2011 11:30 am ET Updated Dec 12, 2011

State Fast-tracks Detroit Financial Review; Dillon Says 'We Were Too Patient'

LANSING -- Treasurer Andy Dillon said today the state may have waited too long to intervene in Detroit's financial crisis and he will expedite a financial review that began Tuesday.

Dillon also said his officials have sent a list of desired "improvements" to the emergency manager law, Public Act 4, and he would like to see new legislation approved as soon as possible.

Officials in the Legislature confirmed today they are working with Gov. Rick Snyder’s office on replacement legislation, in case the emergency manager law is suspended as a result of a petition drive.

On the timing of the state's decision to call for a preliminary review of Detroit’s finances -- the first step on the road to possible appointment of an emergency manager -- "It wasn't our goal to do it without an invitation," Dillon said in a telephone interview with the Detroit Free Press.

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