Financial Advisory Board supports emergency financial manager for Detroit

Published On: Dec 10 2012 05:48:38 PM EST   Updated On: Dec 10 2012 06:22:28 PM EST

The board met Monday and said the growing deficit in the city is alarming.


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.

Related: Detroit mayor continues financial plan despite likely EFM

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.

Related: Michigan leaders craft emergency manager alternative

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.

Read more: Detroit likely gets emergency financial manager early 2013

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.


The views expressed below are not those of Click On Detroit, WDIV, or its affiliated companies. By clicking on "Post," you acknowledge that you have read the Terms of Service and your comment is in compliance with such terms. Readers, please help keep this discussion respectful and on topic by flagging comments that are offensive or inappropriate (hover over the commenter's name and you'll see the flag option appear on right side of that line). And remember, respect goes both ways: Tolerance of others' opinions is important in a free discourse. If you're easily offended by strong opinions, you might skip reading comments entirely.

blog comments powered by Disqus