LANSING, MI – Gov. Rick Snyder has announced the appointments of public and private finance experts to the Detroit Financial Review Commission, to help guide the city through fiscal planning and oversight post-bankruptcy.
The nine-member commission will work to ensure the city of Detroit is meeting statutory requirements, review and approve the city’s four-year financial plan, and establish programs and requirements for prudent fiscal management, among other roles and responsibilities.
“I appreciate the expertise each member brings to this commission, which will play a critical role in partnering to move the city of Detroit forward,” Snyder said. “The state, the city, its residents and Southeast Michigan are represented on this commission, which will work collaboratively with local leaders to continue building a brighter future for our largest city.”
Snyder also named former New York Lt. Gov. Richard Ravitch as senior financial adviser to the commission and special liaison to the state of Michigan. Ravitch has held a variety of state and federal leadership posts, including guiding the New York State Urban Development Corp. back from insolvency and helping resolve New York City’s fiscal crisis in 1975. In 2012, he co-chaired with former Federal Reserve Chairman Paul Volcker the State Budget Task Force to review the fiscal challenges in six states.
The commission was created by the “Grand Bargain” legislative package, Public Act 181 of 2014. Statutorily required members of the include state Treasurer Kevin Clinton, who is to serve as chairman. State Budget Director John Roberts will serve as the designee of the director of the state Department of Technology, Management and Budget. Also included by statute are Detroit Mayor Mike Duggan and City Council President Brenda Jones, or their designees.
Gubernatorial appointees are:
Darrell Burks, Bloomfield Hills. Burks is a former senior partner at PricewaterhouseCoopers, having joined the firm in 1978 and transferred to its Detroit offices in 1986. Burks became a partner with PwC in 1992 and has delivered a full range of audit and business advisory services to clients in various business sectors, including government. A certified public accountant, Burks is a specialist in business risk and internal control matters. He holds a bachelor’s degree from the Indiana University. Burks was designated after a recommendation from Senate Majority Leader Randy Richardville.
Stacy Fox, Detroit. Fox has most recently served as deputy emergency manager for the city of Detroit. Fox, founder and principal of the Roxbury Group, a Detroit based real estate development and investment firm, was recently named senior vice president and general counsel for DuPont. Prior to joining DuPont, Fox was senior vice president of strategy, and general counsel and secretary of Sunoco, Inc. She had also served as an executive vice president for Visteon. Fox earned her bachelor’s degree and law degree from the University of Michigan.
Lorron James, Detroit. James is vice president of the James Group International, an automotive logistics firm that also works on military contracts with Lockheed Martin. Prior to returning to Michigan from Arizona, James worked in the community affairs division for Major League Baseball’s Arizona Diamondbacks. James is president of the Intermediate Council at the Detroit Athletic Club, and he’s a graduate of the Detroit Regional Chamber‘s Leadership Detroit program. James earned his bachelor’s degree from Arizona State University.
Bill Martin, Ann Arbor. Martin was University of Michigan athletic director from 2000 until his retirement in September 2010. Martin founded First Martin Corp., a real estate construction, development, and management firm in 1968. He has served as president of the Washtenaw Land Conservancy and has been a member of the Ann Arbor Public Schools Foundation. Martin has also served on the board of directors of the U.S Olympic Committee. Martin received a bachelor’s degree from Wittenberg University in Ohio, a graduate degree from the University of Stockholm, and an MBA from the University of Michigan’s Ross School of Business. Martin was designated after a recommendation from House Speaker Jase Bolger.
Tony Saunders, Detroit. Saunders most recently was a director at Conway MacKenzie, Inc. until resigning earlier this month. He previously spent 13 months as emergency manager for the city of Benton Harbor, leaving that post in March, after declaring the financial emergency had been addressed. Saunders previously provided strategic and financial planning services to the city of Highland Park, was a partner with WYLD Marketing Group, and served as chief of staff for former Detroit City Councilwoman Saunteel Jenkins. Saunders is a graduate of the University of Michigan.
The commission will hold its inaugural orientation meeting at 9 a.m. on Wednesday, Nov. 12, at Wayne State University’s McGregor Memorial Conference Center, 495 Ferry Mall in Detroit. This meeting is open to the public.