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Last Updated: 11/21/2013

What’s after Bankruptcy? Lessons in Governance Reform and Financial Planning from Other Cities

In the wake of Detroit’s bankruptcy filing this program examined how other cities facing fiscal crises regained their footing. Local governments themselves have responded to crises so as to re-establish their borrowing credentials and to re-fresh their ability to deliver public services. At the same time, state government intervention (and oversight) has been another prominent feature of recovery. Conference participants addressed models of local governance change and state intervention based on the experiences of New York, Philadelphia, Central Falls, Rhode Island and others. In addition, best practice state government oversight programs such as the North Carolina Local Government Commission were examined. What are the common themes, tools and strategies that cities have used to emerge from fiscal troubles? What strategies and governance changes seem most effective in maintain future fiscal stability?

Thursday, 11/07/13
1:30 PM
Registration and Coffee
2:00 PM
William Testa, Senior Economist and Vice President, Federal Reserve Bank of Chicago
2:15 PM
Overview of Local Government Fiscal Position—National and Michigan Perspectives
William Testa, Federal Reserve Bank of Chicago
Michael Pagano, College of Urban Planning and Public Administration, University of Illinois Chicago
Debra Horner, University of Michigan
3:00 PM
Lessons from Past Big City Fiscal Crises—New York and Philadelphia

How Did These Cities Regain Their Fiscal Footing? What Monitoring Systems Might Be Devised to Identify Fiscal Stress and Allow for Early Intervention?

Rick Mattoon, Policy Advisor, Federal Reserve Bank of Chicago
Robert Inman, Wharton School, University of Pennsylvania
Anthony Minghine, Associate Executive Director and Chief Operating Officer, Michigan Municipal League
4:00 PM
4:15 PM
Lessons from Current Bankruptcy Filings

Best Practices in Governance and Budgeting (and Mistakes) in Restoring Sustainable Fiscal and Economic Performance

Martin Lavelle, Senior Associate Economist, Federal Reserve Bank of Chicago – Detroit Branch
Frank Shafroth, George Mason University, MacArthur Foundation Study on Recent Bankruptcies
Joyce Parker, The Municipal Group, LLC
5:15 PM
Friday, 11/08/13
8:30 AM
Registration and Continental Breakfast
8:30 AM
View from the Investor Community

What Structures Have Been Used to Facilitate Market Access for Distressed Communities? Will Detroit Change the Markets Focus on the Structural Strength of Credit Pledges versus the Fundamental Credit Quality of Distressed Communities?

Jeff Guilfoyle, President, Citizens Research Council of Michigan
Lisa Washburn, Municipal Market Advisors
Bill Pulte, Pulte Homes
10:00 AM
10:15 AM
Best Practices for State Intervention? North Carolina, Others
Paul Traub, Business Economist, Federal Reserve Bank of Chicago – Detroit Branch
Stephen Fehr, Pew Center for the States
Eric Lupher, Citizens Research Council of Michigan
11:30 AM
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