Bankruptcy Consultant, State Review Panel Seek “Harmonizing” In City Budget
Detroit bankruptcy expert witness now advising financial review commission
During Detroit’s bankruptcy trial, Judge Steven Rhodes selected Martha Kopacz as his “expert witness” to help him assess whether the city’s restructuring plan would be feasible for the city after it exited bankruptcy. She testified that it was, but didn’t leave much room if revenues and expenditures stray from projections.
Now Kopacz is advising the Financial Review Commission. That’s the nine-member panel that includes the mayor, the city council president and several members the governor appoints.
Kopacz’s first task for the commission is to analyze the actual revenues and expenditures so far this fiscal year. This year’s budget, like next year’s, was prepared by Kevyn Orr before he left as emergency manager.
Kopacz tells the commission that there needs to be a “harmonizing” of what Orr prepared and the actual revenues and expenditures for the city.
The Financial Review Commission is required to approve the city’s budget in April.
