01/03/2013 11:18 am ET Updated Mar 05, 2013

Audit Shows Detroit Has $327M Deficit

Detroit's latest annual audit pegs the city's accumulated general-fund deficit at nearly $327 million, underscoring the depth of the city's fiscal crisis as state-appointed officials review the city's finances.

The audited figures for the fiscal year that ended June 30 show a deficit that grew $130 million more than the nearly $196-million shortfall the city reported for the 2010-11 fiscal year, but the number isn't surprising.

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