The Craig Fahle Show

Pontiac's Financial Emergency Now Rectified

Tuesday, August 20, 2013

Photo: After 4 Years of emergency management, the city of Pontiac has started the transfer of control of the city's finances to local control. Lou Schimmel stepped down from his position as the emergency manager on Monday.

Spending in the city has been cut nearly in half, with $87 million in debt paid off since 2007.

Power in Pontiac has been transferred to a "Transition Advisory Board". Lou Schimmel is a member of the four-person board in charge of overseeing the city's finances.

Guests: Lou Schimmel: Former Emergency Manager, Pontiac.