Award is recognition of Detroit’s progress returning to fiscal strength and sound practices
Detroit’s Chief Financial Officer, John Hill, today was presented an award by Crain’s Detroit Business as the region’s top government CFO. In its selection of Hill, Crain’s cited his handling of the City’s bankruptcy finance process and his efforts to transform the City’s finance operations.
“For the CFO of the City of Detroit to earn this honor less than a year after the City exited bankruptcy is a testament to John’s masterful handling of our City’s finances,” said Mayor Mike Duggan. “He has brought a level of professionalism and respect to the City’s financial operation that is being recognized nationally.”
Hill was hired just five months after the City filed bankruptcy. Since that time, he helped navigate the City through that process and has been systematically implementing structural reforms to improve the City’s financial management systems, revenue collection efforts and restructuring the City’s financial functions. In conjunction with CIO Beth Niblock and her team, he also has been moving the City toward more accessible information for the public. Later this year the City will make all City financial transactions available online through its open data portal on the City website at www.DetroitMi.gov.
“John is an exceptional financial professional who is sensitive to the political economy,” said City Council President Pro Tem George Cushingberry, who chairs the finance committee. “We are well served by his ability to communicate clearly with all stakeholders. I congratulate him on this award and look forward to a continued great partnership on behalf of the people of Detroit.”
One of the most recent accomplishments the City has achieved during Hill’s tenure has been to reduce the amount of bankruptcy exit financing by $30 million from initial projections. That savings was realized as a result of the City’s successful efforts to have many of the City’s bankruptcy consultants reduce their fees. This reduction in borrowing means that for the next 30 years, the City will have roughly $3.5 million per year less debt and related interest to pay, which can instead be used to make sure the budget is balanced and to pay for vital City services.
“I truly appreciate this recognition, which I accept on behalf of the great team we have in place,” Hill said. “Working for a Mayor and City Council that are deeply engaged and personally committed to moving our City forward as a model of financial excellence and integrity has allowed us to make real progress.”
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