Mayor Bing fires back against review team's report that there's no plan to fix Detroit's finances

DETROIT (WXYZ) - Detroit Mayor Dave Bing is firing back at the financial review team's allegations that there is no plan in place to fix the city of Detroit's finances.

Bing released the following statement a short time ago, saying that the city's plan has been "reviewed and accepted by all stakeholders," including the "State and the Financial Advisory Board." 

The statement reads as follows:

“Yesterday, the Financial Review Team asserted that there was no plan in place to correct the City’s financial emergency. To the contrary, my administration has worked diligently to develop and implement a restructuring plan for the City of Detroit. In fact, our plan was reviewed and accepted by all stakeholders, including the State and the Financial Advisory Board. We have the plan, but we face significant challenges executing it in a timely manner. We are hindered by several factors, including the City Charter, labor agreements, litigation, governmental structure, and a scarcity of financial and human resources. Further exploration of ways to mitigate these barriers for more timely implementation of my initiatives should be examined." 

The financial review team's comments came when they announced their review was complete during a news conference on Tuesday.