Detroit is making financial progress, but it is unclear if it will be enough to stop a takeover

DETROIT (WXYZ) -  

The city is making progress, but is it enough to stop a state takeover?

That was the question on the minds of city leaders during a Detroit City Council Budget Committee meeting today.

The city's Chief Financial Officer and the mayor's office laid out the findings of consultants working to help the city restructure. They found the city is making progress with restructuring, but is still facing challenges.

It will be collecting millions less this year as property values decrease.

Councilman Ken Cockrel, Jr.  said it is clear major cuts in spending are needed .

 "I think the key is, can we make enough progress in the time we have before somebody takes away the decision from us," said Councilman Cockrel.

The state financial review team is expected to submit its findings to the governor in just a few weeks. 

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