Detroit Financial Review Commission Holds First Meeting
DETROIT (WWJ/AP) - A board that will help Detroit follow financial plans approved in the city's bankruptcy has held its first meeting.
The nine-member Detroit Financial Review Commission received updates Wednesday on restructuring efforts.
Commission chair and state Treasurer Kevin Clinton said after the meeting that the role the board plays "may diminish as Detroit gets stronger."
Speaking to WWJ's Vickie Thomas and other reporters following the meeting at Wayne State University, Mayor Mike Duggan — who sits on the commission — said the city's finances are being handled responsibly.
However, he expressed concern about fees associated with the bankruptcy that could hit $200 million.
"My immediate concern is these consultant fees; and so we have a legal proceeding going on that I think needs to be addressed, but overall the plan of adjustment is sound."
Detroit City Councilwoman Brenda Jones, who also has a seat on the panel, agrees.
"It was a concern from day one...it remains a concern," Jones said.
Federal Judge Steven Rhodes on Friday approved Detroit's exit from the largest municipal bankruptcy in U.S. history. Rhodes has scheduled a Nov. 24 hearing to discuss when the bankruptcy plan takes effect.
The effective date puts the plan in play. The city wants to line up certain financing as soon as possible, especially with end-of-the-year holidays looming.
Commission member Darrell Burks is optimistic.
"I think Detroit is on the comeback — I love to be a part of that process," he said. "And I think we have a committee that's going to do exactly that."
Burks' biggest concern, he said, is revenue.
[Continuing Coverage: Detroit Bankruptcy]
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