Pontiac's Emergency Manager To Lay Out Plans To Avoid Bankruptcy
PONTIAC, Mich. (WWJ) - Last Friday, the emergency manager for Detroit laid out plans to avoid bankruptcy. And now, Pontiac's emergency manager gets his turn.
Louis Schimmel, who is Pontiac's third emergency manager, will present his two-year plan to avoid filing for bankruptcy during a citizen's meeting Monday morning at City Hall. Schimmel, who leaves the job at the end of the month, says there is no reason for bankruptcy if city officials follow the blueprint he's going to be leaving behind.
Pontiac had a budget deficit of nearly $3.5 million just a few years ago, and now has a surplus of $575,000. But Schimmel tells the Detroit News that's still about 10 times lower than it should be.
