DATE: March 26, 2012
TO: Governor Snyder
FROM: Detroit Financial Review Team: Andy Dillon, Frederick Headen, Jack Martin, Conrad Mallet, Jr., Isaiah McKinnon, Glenda D. Price, Irvin D. Reid, Doug Ringler, Shirley R. Stancato, Brom Stibitz
SUBJECT: Report of the Detroit Financial Review Team
On January 10th, 17th, 19th, 24th, and 31st; February 28th; and March 13th, 21st, and 26th 2012, Detroit Financial Review Team members met and reviewed information relevant to the financial condition of the City. Based upon those reviews, the Review Team concludes, in accordance with Section 13(4)(c) of Public Act 4 of 2011, the Local Government and School District Fiscal Accounta-bility Act, that the City of Detroit is in a condition of severe financial stress as provided in Section 14 of the Act, and that a consent agreement has not been adopted pursuant to Section 13(1)(c) of the Act.