Detroit City Council approves Financial Stability Agreement

DETROIT (WXYZ) - The Detroit City Council has voted 5-4 to accept the Financial Stability Agreement between the city the and the state.

City Council President Charles Pugh and council members Gary Brown, Saunteel Jenkins, James Tate and Kenneth Cockrel, Jr. all voted to approve the agreement.

Council members Brenda Jones, Andre Spivey, Kwame Kenyatta and JoAnn Watson all voted against it.

Michigan Governor Rick Snyder has released a statement commending the council for approving the agreement. It reads as follows:

The council has acted responsibly to put Detroit on the path to financial stability. Approval of the consent agreement is a positive opportunity for the city and our entire state. It's a clear message that we will move forward – and win – as one Michigan. We all want Detroit to succeed. This agreement paves the way for a good-faith partnership that will restore the fiscal integrity taxpayers expect and ensure the delivery of services that families deserve.

While the council's action is a positive step, there's no doubt that much work remains. The magnitude of the city's financial challenges means that many difficult decisions lie ahead. We must build on this spirit of cooperation and be willing to act in the city's long-term interests.

I appreciate the countless hours that Mayor Dave Bing and his staff, the City Council, the Financial Review Team, state Treasurer Andy Dillon and the rest of my team have devoted to achieving this agreement. Because of their tireless work, Detroit is poised to move toward being a great city again with improved services for its citizens and a foundation for future growth.

The vote came just hours after the  Detroit Financial Review team voted to accept the Financial Stability Agreement.

That body passed the agreement by a vote by a vote of 7 to 0. Three members of the team were not present, but enough of the body was present for a quorum.

Before Detroit City Council voted,  Deputy Mayor Kirk Lewis told the council that he has signed the agreement on behalf of Mayor Bing. It had to be approved by council before it could go into effect.

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