Detroit leaders await governor's decision on emergency financial manager

Michigan governor says decision on Detroit emergency financial manager could come next week

DETROIT - During an event Thursday night, Detroit Mayor Dave Bing addressed the crowd as he talked about some of the issues plaguing the city, but not once did he utter the words emergency financial manager.

An EFM in Detroit is a real possibility, which was made clear by Gov. Rick Snyder earlier in the day.

"The technical choices I have is to say there isn't an emergency, and we know that's not a realistic answer," Snyder said during a conference. "The other one is a revised consent agreement or an emergency manager."

A decision could be just a week away.

"Our city is now transforming itself from what it was into what it can be," said Bing. "It's not going to happen overnight. It's not going to be easy."

Read more: Snyder: EFM decision for Detroit may come next week

The Detroit Financial Review Team's report reveals what we have known for quite some time: the city's finances are bad, real bad, and the problem dates back decades.

"This suggests a long-term financial problem that has been around for a great deal of time," said former Detroit City Councilwoman Sheila Cockrel.

This time around, failure is not an option. The governor wants to talk to the mayor and other stakeholders before moving forward. Whatever Snyder decides, the state and the city working together will be key.

"What's going to be important is the tone that is set by the city's leadership, if and when an EM is appointed. That's going to be critical," said Cockrel. "The right tone is going to be more to help turn this city around than people can calculate."

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