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Detroit City Council President to discuss financial plan with Governor Snyder

The downtown Detroit skyline is seen November 11, 2009
The downtown Detroit skyline is seen November 11, 2009

DETROIT (WKZO) -- The Detroit City Council is heading to Lansing next week to appeal the decision by Governor Rick Snyder to appoint an Emergency Financial Manager for the city.

Council President Charles Pugh says the council has a plan to restructure finances to address an estimated 327-million dollars in debt.  He disputes the claim there is no plan to address the debt and says the council has approved 95-percent of the contracts the state required them to approve under a consent agreement signed last April.

Pugh says an investment banker, an actuary, and a restructuring team has been working on the plan to eliminate debt.  He says if an Emergency Manager is brought in, that person will reap the benefits of the work already done by council.