11/12/2012 05:06 pm ET Updated Jan 12, 2013

Detroit Could Run Out Of Cash By December, Financial Advisory Board Told

Detroit's financial condition is rapidly deteriorating, with the city possibly running out of cash in a little more than a month, city officials today told members of a financial board with oversight of the city's fiscal matters.

The city could be in the red by $3 million to $5 million a month by mid-December, the city's program management director, William (Kriss) Andrews, told the Financial Advisory Board, the joint city-state panel overseeing the city's finances under Detroit's fiscal stability agreement with the state.

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