Governor Snyder appoints another financial review team to look over Detroit's money troubles

DETROIT (WXYZ) - Governor Rick Snyder has appointed a financial team for the second time to look over Detroit financial troubles.

This comes after State Treasurer Andy Dillon concluded that Detroit is in serious financial difficulty.

Dillon and five others have 60 days to come to some conclusions. Then they can have a 30 day extension, if needed.

Some of the review board members have already been involved in looking over the city's finances. Members of the board are Andy Dillon, Thomas McTavish, State Auditor General, Ken Whippel, a member of the Detroit Advisory Board, Darrell Burks from Price Waterhousecoopers, also a member of the Detroit Advisory Board,Dr. Ronald Goldsberry,and Frederick Headen, a legal advisor to the Michigan Department of Treasury.

After the review team process, the Governor and city officials will decide on what is the best option for Detroit: An Emergency Financial Manager, another Consent Agreement or Bankruptcy.

A new state law allows city officials to have a voice in the process.

Former city council member Sheila Cockrel says the city spends way more than it makes and if it doesn't get its house in order it will go down "like the Titanic" unless drastic measures are taken.

Cockrel says she still has hope for Detroit.

"I think Detroit has an incredible future," Cockrel says.

Cockrel still keeps a close watch on the pulse of the city government, attends meetings and goes over documents.

She says financially things just go out of hand because of many different circumstances and now is the time to "get it right."

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