Detroit Mayor Dave Bing prepares to meet with Governor Snyder on Detroit's finances

DETROIT (WXYZ) - Detroit Mayor Dave Bing updated City Council members on the progress of his financial plan that he hopes will keep the Governor from appointing an Emergency Manager.

"We've made progress from a financial standpoint but there is no silver bullet", said Mayor Bing.

At the end of the month, the Mayor will report to Governor Rick Snyder on the progress of his plan that includes 1000 layoffs, cutting overtime and obtaining concessions from vendors.

Mayor Bing says negotiations with unions are still ongoing and that he still needs reductions in healthcare and pension benefits

The Mayor told Detroit City Council, "I'm looking at the next 18 months to get us some headroom on a cash flow standpoint that then will allow us to go back and look at other structural things that we can deal with".

The plan also includes obtaining overdue payments from the Detroit Public Schools and a corporate tax increase which, Bing says, will mitigate the city's deficit.

Bing presented the update to the council during a meeting Thursday.

Chris Brown, Detroit's Chief Operating Officer, told council that on Wednesday a private bus service company replaced management for the city's bus service, DDOT, and the move is expected to save $10 million in this fiscal year and, after that, $31 million annually.

In late December, Governor Snyder put a financial review team in place to examine the city's finances. It is based on their recommendation that Snyder will decide whether or not to appoint an Emergency Manager to Detroit.

The financial review team will meet for the first time early next week. The meeting is not open to the public or media.