Michigan Governor Rick Snyder has appointed a
financial review team to look into the finances of Hamtramck under Public Act
436 of 2012. The review is a step toward the potential appointment of an
emergency financial manager if a financial emergency is declared. Hamtramck was
previously under an emergency financial manager from 2000 – 2007.
The Department of Treasury already conducted
a preliminary review at the request of Hamtramck and found an unsatisfactory
deficit elimination plan, unfunded pension and other post-retirement benefit
liabilities, and budget practices non-compliant with the Uniform Budgeting and
Accounting Act.
The review team will be composed of:
- Max Chiddister,
President of Chiddister and Associates
- Frederick
Headen, Department of Treasury Legal Advisor
- Ed Koryzno,
Administrator of The Department of Treasury’s Office of Fiscal
Responsibility
- Eric Lupher,
Citizens Research Council of Michigan Director of Local Affairs
- Doug Ringler,
Director of the Department of Technology, Management & Budget’s Office
of Internal Audit Services
The review team has 60 days to present their
findings and can request an additional 30-day extension.