Detroit Emergency Manager Kevyn Orr meets with Financial Advisory Board

DETROIT (WXYZ) - This will be a busy week in the city of Detroit. A lot is riding on its financial future.

On Monday, the Financial Advisory Board met with the Emergency Manager and others.

This board is a group of experts outside of City Hall that started advising on financial matters last year - when Detroit was still under the consent agreement with the state and the Mayor and City Council were still in charge. 

Does the board need to continue now with Emergency Manager Kevyn Orr in charge? For Orr, the answer is apparently, 'Yes', as he said during today's meeting that the body should continue to exist.

On Tuesday, the City Council is set to discuss and could vote on a new council president and president pro-tem to fill the vacant seats of Charles Pugh and Gary Brown respectively.

Pugh has not been seen since allegations surfaced of an inappropriate relationship with a teen he was mentoring. His pay and power were stripped by the emergency manager, but Pugh has not resigned.

On Wednesday the emergency manager will meet with reps from the two city pension boards to discuss concessions. The city has underfunded the funds by $3.5 billion dollars to keep from running out of cash. 

The overall Detroit deficit is $17 billion dollars. 

On Wednesday night, the EM is scheduled to take Wall Street Creditors on a bus tour of Detroit - showing them how the city has suffered with the financial crisis. 

The city is offering about ten cents on the dollar to creditors - creditors who could force Detroit into a Chapter 9 Bankruptcy.

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