Long-time Public Administrator to Begin
Next Phase in Restoring Fiscal Health
The Local Emergency Financial Assistance
Loan Board (ELB) today accepted the resignation of Fred Leeb as Emergency
Financial Manager (EFM) for the City of Pontiac, effective June 30, 2010 and
appointed Michael Stampfler as his successor. Stampfler, who has worked nearly
25 years as a public administrator, will assume EFM duties on July 1, 2010.
Stampfler was City Manager in Portage,
Michigan from 1985 to 2005. In addition to holding City Manager positions in
Florida and Alabama, Stampfler owned and operated his own local government
consulting firm. Stampfler holds a Bachelor's Degree from Hope College and a
Masters in Public Administration from Western Michigan University.
"After years of financial problems,
significant progress has been made and Pontiac is now on the path to better
fiscal health," said State Treasurer Robert J. Kleine, chair of the Local
Emergency Financial Assistance Loan Board. "It is time for the next phase in
Pontiac, including making necessary financial adjustments, so the process of
transitioning back to local control can then begin. The Emergency Loan Board
expects Mr. Stampfler to work closely with city officials to ensure that
process runs smoothly."
Fred Leeb was appointed EFM in Pontiac
in March of 2009. Over the last 15 months, Leeb has taken several steps to
return Pontiac to financial health, including:
-
$2.5 million annual reduction in
personnel costs without mass layoffs or significant reduction in services;
-
$3 million saved annually through
re-negotiated, minimum manning requirements and other concessions with the
Fire Department;
-
Most city staff (union and non-union)
voluntarily contribute approximately 20 percent of medical benefit costs;
-
$1.4 million surplus at end of fiscal
year 2009;
-
City of Pontiac bond ratings upgraded
to B from CCC with a Stable Outlook.
"Fred Leeb has accomplished much in his
time in Pontiac," Treasurer Kleine said. "While the financial emergency
remains in place, the city is in its best financial position in years with a
current year budget surplus and a significant reduction in its structural
deficit."
For more information on the Local
Government Fiscal Responsibility Act, including an explanation of the PA 72
process, visit Treasury's Web site at www.michigan.gov/treasury and select the
Local Government Services button.
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