Detroit Avoids Emergency Financial Manager

By: Associated Press
By: Associated Press
City Council approves consent agreement giving state-appointed board oversight of finances.

**FILE** In this June 14, 2006 file photo, the General Motors world headquarters in Detroit, is seen from Windsor, Canada. General Motors Corp. says it has bought its previously leased headquarters in downtown Detroit's towering Renaissance Center for $626 million. (AP Photo/Carlos Osorio, File)

Gov. Rick Snyder says the approval of a deal between the state and the city of Detroit is a "positive opportunity" for the city and the entire state of Michigan.
Snyder says in a statement Wednesday that a lot of work remains to fix the city's struggling finances and difficult decisions lie ahead. But he says he wants to build on the "spirit of cooperation" to act in the "city's long-term interests."
Snyder's expected to formally accept the review team's recommendations and the deal struck with the city Thursday.
Under the agreement, Mayor Dave Bing and City Council retain authority over finances and the city budget. A nine-member appointed advisory board will monitor the finances and work with Bing on the city's fiscal restructuring.

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