Wayne County leader: Finances are in trouble, could worsen

DETROIT (AP) - Wayne County's leader is warning that the county's finances are in trouble and could get worse unless cuts are made.

County Executive Warren Evans on Thursday says the county's general fund "is in trouble" and could run out of money by May 2016. The Detroit News reports he says that there's concern that "a financial Armageddon" could follow in August 2016."

Evans' predecessor, Robert Ficano, reported the county's accumulated deficit was about $60 million. Evans says, however, it's nearly $70 million.

State oversight is a possibility. The Detroit Free Press reports the state Treasury Department says Evans will get time to address the county's financial state.

The county's financial problems include an underfunded pension system and property tax revenues that have fallen by $100 million since 2008.