Detroit's Financial Stability Board meets for the first time

Detroit's nine-member Financial Advisory Board is now sworn in and ready to take on the daunting task of turning the city around in the midst of a $260-million deficit.  Detroit Mayor Dave Bing thanked the board members and laid out the city's priorities.

"The number one issue on everybody's mind has been public safety.  The people are really concerned about the lack of lights in our city," he said.

Other issues include recreation centers, public transportation, vacant properties and so much more.

The group went into closed session for more than an hour to discuss the city's labor contracts, which expire June 30.

This whole process is required under the Financial Stability Agreement with the state, and the next three years, their goal is to reduce the city's long-term liabilities by $3-billion and eliminate the deficit.

"We don't have all the answers.  Maybe that's where you come in and really can be a support system to us," Bing said.

"If there is anything that is too difficult for us to tackle, then we're the wrong people," said board member Glenda Price.

"This is going to be very interesting.  I mean, this is going to be changing the culture of a government, the culture of a region, the culture of a city, and it's step up time for everybody," said former Detroit City Councilwoman Sheila Cockrel.

We didn't hear too many specifics on how they plan to get all of this done, but this was only the first meeting.  We're told the group plans to meet monthly and probably more, although the next meeting has not yet been set.