A financial review team is set to examine the finances of the Benton Harbor Area Schools.

Governor Snyder appointed the team Monday after the Local Emergency Financial Assistance Loan Board determined "probable financial stress" exists in the district.

Treasury Department spokesman Terry Stanton says the review team will begin meeting soon, likely as early as next week.

This is step two towards the possibility of four options to solve the problem, which include either the district having an emergency manager or filing bankruptcy.

The Department of Education notes that the district's deficit grew from $3 million at the end of the 2007 school year to $15.5 million on June 30, 2013 and is projected to $14.7 million on June 30 of this year.

Under the state's Emergency Manager law, a review team must report to the governor within 60 days of its appointment, whether specific statutory conditions exist or are likely to occur, and must determine whether a financial emergency exists in the local government.