Michigan Governor Rick Snyder on Friday formally declared Detroit in a fiscal emergency and said he had identified a top candidate to take over financial management of the destitute city.

The declaration virtually assures that the state of Michigan will assume control of Detroit's books, though Snyder was careful to say there is still a window of 10 days for city leaders to convince him otherwise.

"I believe it's appropriate to declare the city of Detroit in financial emergency," Snyder told a forum of community leaders at a Detroit public television station.