After a review of the city's dire finances emerged Tuesday, Michigan Gov. Rick Snyder will have a 30 days to decide whether or not the City of Detroit's fate includes a state-appointed emergency financial manager or even the possibility of bankruptcy.

According to the Associated Press, Detroit currently faces a $327 million budget deficit this year alone, and there exists the danger that the city will not be able to pay its workers. In the long term, the city has over $14 billion in liabilities it may not be able to pay.

Detroit has long struggled to balance its books with a shrinking population and tax base and this is not the first time that rumors of state intervention have arisen.

But the New York Times is reporting that this time Gov. Snyder has been looking hard at potential candidates to run the city, which would mean current Detroit mayor David Bing and the Detroit City Council, would no longer have any say in the city's financial matters.

If Synder appoints a financial manager, the manager could attempt to fix Detroit's deficit or declare bankruptcy for the city, absolving all of its debts.

Reach Executive Producer Salomon Fuentes here; Follow him on Twitter here.