05/17/2012 07:19 pm ET

Glenda Price, Detroiter, Appointed To City's Financial Advisory Board By Gov. Rick Snyder

Gov. Rick Snyder appointed Detroiter Dr. Glenda Price to the city's Financial Advisory Board Thursday.

Price is a president emeritus at Marygrove College in Detroit and sits on the board of directors of Compuware, the Detroit Institute of Arts, the Detroit Symphony Orchestra and the Jewish Fund. In 1999, she was appointed to the Detroit Public Schools state-imposed school board by Mayor Dennis Archer.

Earlier this month, several City Council members said they wanted a Detroit resident on the board, according to the Detroit Free Press, but have had trouble finding applicants. Council must approve the nominees to the nine-member board, who will be appointed by Snyder, Mayor Dave Bing, state Treasurer Andy Dillon and Council itself.

Like new Chief Financial Officer Jack Martin, Price was on the review team that determined the city was in financial duress. The team helped craft the financial stability agreement with the state that created the FAB and CFO positions.

FAB members must have at least 10 years of experience with "sophisticated municipal financial transactions, complex multidimensional governmental restructurings, governmental labor relations, health care benefits or pension matters, or local government management," requirements laid out in the financial stability agreement.

The FSA also calls for a program management director, but the position remains open. Snyder and Mayor Dave Bing agreed to extend the deadline until they have finished vetting candidates.