Review Board: Detroit Is Meeting Post-Bankruptcy Requirements

DETROIT (AP) — A state-appointed financial review commission says the city of Detroit continues to meet its post-bankruptcy requirements.

The board made the determination Friday after certification of an audit of the city’s 2014-15 budget.

Detroit could shed much of the current state financial oversight by 2018 with similar showings in its bankruptcy exit plans over the next two fiscal years.

Mayor Mike Duggan called it “an impressive step forward.”

The Detroit Free Press reports that the city has posted budget surpluses and projects to have a balanced 2016-17 budget.

Billions in debt, Detroit filed for bankruptcy in 2013 under a state-appointed emergency manager. The city exited bankruptcy at the end of 2014 and is operating under a plan to shed or restructure about $7 billion in debt.

 

© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Detroit

Best Fall Festivals In Metro DetroitFrom music to art to special events, there's a little something for everyone's delight.
Best 4th Of July Concerts In Metro DetroitStaying home this weekend? Celebrate the 4th of July by rocking out at one of these shows.

Watch & Listen