Review team approves Detroit consent agreement
Updated On: Apr 04 2012 05:27:16 PM EDT
A state-appointed review team has unanimously approved an updated draft of a consent agreement aimed at keeping Gov. Rick Snyder from appointing an emergency manager to oversee Detroit's broken finances.
The approval Wednesday afternoon comes before City Council meets later in the evening. The council could vote to authorize the financial stability agreement.
The deal still would need to be signed by Mayor Dave Bing and Snyder.
Council has spent several days debating the document.
Detroit faces a $200 million budget deficit and $13.2 billion in long-term structural debt.
Under the agreement, tentative new contracts featuring wage, benefits and pension concessions negotiated between the city and about 30 unions representing city employees would be nullified.
Snyder had set Thursday as a deadline for a deal to be reached.