FLINT, MI -- The city's 41-month financial emergency has been lifted by Gov. Rick Snyder, state officials have told The Flint Journal.

Emergency financial manager Jerry Ambrose and Deputy State Treasurer Wayne Workman said they will announce the governor's action and the appointment of a five-member Transition Advisory Board at a 1:30 p.m. news conference at City Hall.

"A lot of good things have happened with a lot of hard work," Workman said. "Jerry (Ambrose) has sent a letter to the governor declaring the financial emergency (has been) eliminated and asking to be removed as emergency manager."

Terry Stanton, a spokesman for the state Department of Treasury, said Snyder has accepted Ambrose's conclusion and appointed the transition board, which will approve the hiring of department heads, major contracts and budgets.

But "the day to day running of the city is going to move today from Jerry Ambrose to the mayor, the city administrator and the City Council," Workman said.

Today's action comes on the same day Michigan's Local Emergency Financial Assistance Loan Board approved Ambrose's request for a $7-million loan, which will be used to pay off Flint's remaining budget deficit.

The city has been in state receivership since December 2011, when Snyder first found the Flint's finances were in free fall and appointed Michael Brown, the first of four emergency managers for the city.

Since that time, nearly $30 million in deficits in Flint's general and water funds have been eliminated; there have been major changes to the city's management structure, including the appointment of Natasha Henderson as city administrator; agreements have been finalized to merge the city and Genesee County 911 and district court operations; and concessionary contracts have been put in place for a reduced workforce.

At least four of the Transition Advisory Board members have strong ties to Flint, and Workman called the group "a great board -- probably one of the best we have been able to appoint" under the state's emergency manager law.

The transition members are Fred Headen, legal adviser to State Treasurer Nick Khouri; Brian Larkin, director of community outreach and core initiatives for the Flint & Genesee Chamber of Commerce; David McGhee, a program officer with the Skillman Foundation and chairman of the Flint Public Library Board of Directors; Robert McMahan, president of Kettering University; and Beverly Walker-Griffea, president of Mott Community College.

Ambrose was asked about the city's financial condition as he, Mayor Dayne Walling, and Henderson presented a proposed budget and five-year financial plan to the City Council Monday, April 27.

The $51 million general fund spending plan for the fiscal year starting July 1 would put Flint in a positive financial position -- with no deficit -- for the first time in a decade.

"It's going to have to be managed by professional folks, (but) I'm very happy where the city of Flint is right now," Ambrose said.