06/16/2012 09:48 am ET Updated Aug 16, 2012

Financial Advisory Board Convenes To Begin Charting Detroit's Future

Detroit's new financial advisory board, which will have major sway over the city's budgets, met for the first time Friday and wasted no time getting to the core of some of the city's most vexing troubles: a heavily unionized work force the city says it can no longer afford without major concessions.

The board went into a closed session to discuss union contracts and upcoming talks with the city's 48 bargaining units for many of its 10,693 employees. The city will seek wage cuts, layoffs, work rule changes and other concessions and, under its consent agreement with the state, has the authority to impose conditions unions have fought.

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