Snyder names team to review Detroit's finances

One of the review team members speaks out

DETROIT (WXYZ) - Governor Snyder has named the people who will review Detroit's finances as part of the process that could lead to an Emergency Manager being appointed to the city.

Watch Tom Wait's interview with one of the panel members in the video player on the left

The appointments come after a preliminary review by the Michigan Department of Treasury found "probable financial stress."

In the news release announcing the appointments Snyder said this does not ensure that an Emergency Manager will be appointed to oversee the city.

Mayor Bing released the following statement is response to the appointments:

"We will continue to fully cooperate with the state review process and the newly appointed financial review team. At the same time, my staff and I have worked through the holiday break with union leadership on my plan that seeks savings of $102 million for this fiscal year and $258 million in fiscal year 2012-13. We will continue to negotiate until we reach agreement to resolve the city's financial crisis."

The review team members are:

State Treasure Andy Dillon who has also served in the Michigan House of Representatives, where he also served as Speaker of the House. Dillon has also worked in finances and is a lawyer with accounting and law degrees.

Director of the Office of Internal Audit Services in the Department of Technology, Management and Budget Doug Ringler who is also a certified public accountant and certified internal auditor.

Retired Wayne State University President Dr. Irvin Reid, who has also taught economics and business administration. Reid also worked for the US Consumer Product Safety Commission and NASA and holds degrees in business and applied economics.

Former Detroit Police Chief Dr. Isaiah "Ike" McKinnon who led the department during the 1990s.

President of DMC Sinai Grace Conrad Mallett who has also served as Chief Operating Officer for Detroit. Mallet was also a member of the Michigan Supreme Court.

Accountant Jack Martin who is the founder and chairman of Martin, Arrington, Desai & Meyers, P.C. Martin also served as Chief Financial officer for the US Department of Education.

President emeritus of Marygrove College and Compuware Board of Directors member Dr. Glenda Price who has also served as interim president of the Michgian Colleges Foundation and director of LaSalle Bank.

New Detroit President Shirley Stancato, a former senior vice president at Chase Bank.

Director of the Michigan Department of Treasury's Local Government Services Bureau Frederick Headen who has also served as acting chair of the State Tax Commission.

Senior policy advisor for the Michigan Department of Treasury Brom Stibitz who has also worked as Dillon's legislative director.

The team has 60 days to report their findings to the governor, but a 30 day extension can be granted beyond that. Snyder can also request a quicker review.

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