detroit financial review team

Laughlin Elkind / Flickr

The Michigan Court of Appeals today lifted a temporary restraining order that prevented the state financial review team for Detroit  from meeting.

The court’s move has opened the door to a major step in fixing Detroit’s city finances.

The financial review team, appointed by the governor,  was supposed to meet Tuesday to vote on a “consent agreement” that would restructure the city of Detroit’s finances.

The agreement would help the city avoid the appointment of an emergency manager, but would require painful budget cuts.

The state review team investigating Detroit’s finances met for what was supposed to be the last time Monday.

They reaffirmed that Detroit is in “severe financial stress” during a raucous meeting that veered into chaos at times.

Protesters, angry at what many call an unconstitutional hostile takeover of the city, mostly shouted over team members as they tried to deliberate.

The state review team looking at Detroit’s finances met again Wednesday, and formally declared the city to be in “severe financial distress.”

Are you confused about the proposed “consent agreement” the state is trying to work out with Detroit?

If so, count yourself one among many, including me, and I’ve been covering the story nearly every day for the past couple of weeks. In fact, I’m fairly sure that all the parties involved are confused.

user PeRshGo / wikimedia commons

Legal wrangling over Public Act 4, Michigan’s emergency manager law, has put the state’s ability to work out a consent agreement with Detroit in jeopardy.

State leaders and some Detroit officials want to work out an agreement that would prevent the city from going broke in the next couple of months—without appointing an emergency manager.

AP File Photo

The state review team looking into Detroit’s finances met in public for the first time Tuesday.

But the meeting was short—less than 20 minutes--and revealed almost nothing about the process behind the review.

The team, led by State Treasurer Andy Dillon, briefly reviewed Detroit’s bleak financial picture--without major changes, the city will run out of cash before the end of the fiscal year. There was also a brief public comment period.