Financial Advisory Board approves resolution to initiate 30-day review

DETROIT (WXYZ) - Monday, the Financial Advisory Board unanimously approved a resolution to initiate the 30-day review for an emergency financial manager.

The review will determine whether the city needs an emergency financial manager.

State Treasurer Andy Dillon attended the meeting and says he appreciates the measure. The review is expected to start this week and be completed by early January.

The city will likely face a $50 million to $110 million cash follow shortage by the end of the year, an estimate that continues to change.  Those fluctuating numbers have frustrated the board.

Dillon spent hours at Detroit City Hall last week, speaking to the mayor and city council members. He warned that the city’s financial condition is at a point where the state may need to take action.

Detroit Mayor Dave Bing says he is disappointed with the board's vote, but not surprised.

"I am not going to point fingers and lay blame at anybody, because I think we're culpable ourselves for not moving things as rapidly as we should," said Bing in a news conference on Monday. 

The mayor and council plan to continue their fight for the city's financial independence, but time is not on their side. Bing and the council are expected to meet Tuesday.