Financial Advisory Board supports emergency financial manager for Detroit
Updated On: Dec 10 2012 06:22:28 PM EST
The Financial Advisory Board for the city of Detroit has unanimously voted to support starting the clock on deciding whether an emergency financial manager is needed in the city.
The board met Monday and said the growing deficit in the city is alarming. It is expected to be $326 million by the end of the year, and it is expected to balloon to $376 million in 2013.
It's unclear how things will look in 2014, but as of right now, reductions are not even expected until 2015.
"I'm saying if you can only balance revenue and expenses in 2014, you should close the door today," said Financial Advisory Board member Darrel Burk.
State Treasurer Andy Dillon says he's ready to sit down with the city and work on getting the $30 million he's withholding.
"December's milestones were a little more difficult, and today I will go sit down with Chris (the city's project manager) and work through exactly what he is going to ask of council... and how much cash they are going to need to get through the end of December," said Dillon.
Detroit Mayor Dave Bing reacted to Monday's vote with disappointment.
"Everybody talks about partnership, and I'm not so sure that's what we have at this point," said Bing.
A special meeting will be held with Detroit City Council Tuesday to go to work on the milestones the city couldn't get to, and which is leading to that $30 Million being held.