Governor Snyder says Pontiac 'financial emergency' has been resolved

PONTIAC, Mich. (WXYZ) - Michigan Governor Rick Snyder says the financial emergency is over in the City of Pontiac and that a Transition Advisory Board has been appointed to guide the city as the mayor and city council retake control.

"I'm pleased to see Pontiac emerge as a financially stable city and return to local control.  The Transition Advisory Board will be working cooperatively with local leaders to ensure continued stability and growth on the path ahead as well as improved services to the city's residents," Snyder said in a news release.

The governor's office say Pontiac Emergency Manager Louis Schimmel notified them that the city's financial emergency had been sufficiently addressed on Friday. Schimmel is expected to speak to the media about the situation Monday afternoon.

While Schimmel will no longer serve as Emergency Manager, he will continue to be involved in the running of the city as a member of the Transition Advisory Board. He was appointed to the position by Snyder today.

Other members of the Transition Advisory Board will include administrator of the Department of Treasury's Office of Financial Responsibility Ed Koryzno, Deputy Oakland County Executive Robert Daddow, and Finance Director for the City of Rochester hills Keith Sawdon.

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