GRIM PICTURE: Detroit is broke and faces a bleak future given the precarious financial path it's on, according to a new report out by the city's state-appointed emergency manager.

FIRST LOOK: The report was released late Sunday by bankruptcy attorney Kevyn Orr and is his first on Detroit's finances since officially taking the job in March.

THE BACKGROUND: The summation is the latest blow to the city which came under state oversight in March when Gov. Rick Snyder selected Orr to handle Detroit's finances. Then, the city estimated its budget deficit to be about $327 million.

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