DETROIT – The city of Detroit could face potential bankruptcy by next Spring if significant cuts are not made. Mayor Dave Bing is set to address the city’s long-mounting financial crisis.

An audit by Ernst & Young, which was ordered by the city and paid for with taxpayer money, showed that the city’s finances are so slim that even laying off 2,200 employees would delay insolvency only until July. The audit, that led Bing to suggest he would consider becoming emergency financial manager if asked to do so by Gov. Rick Snyder, also showed that the city is in jeopardy of running out of money as soon as next April if significant cuts are not made.