LINCOLN PARK (AP) – Officials say the Detroit suburb of Lincoln Park has been released from financial receivership following years of efforts to strengthen its finances.

Michigan Treasurer Nick Khouri announced Tuesday that the Lincoln Park Receivership Transition Advisory Board has been dissolved following a recommendation from members of the board. The move gives city leaders full control of the city, its internal operations and its finances.

READ MORE: Sabrina Spellman Makes An Appearance On The CW's Riverdale; Kiernan Shipka Reveals 'Fans Will Get Some Clarity'

Khouri says in a statement that Lincoln Park has shown that “it can succeed unaided.”

READ MORE: Farmington Hills Police, Fire Department Participate In Toys For Tots Drive

The city was declared to be in a financial emergency in 2014 amid burdens with retiree health costs and pensions. An emergency manager ran the city from July 2014 until December 2015, when the Receivership Transition Advisory Board was appointed.

MORE NEWS: Michigan Reports 16,590 New COVID-19 Cases, 127 Deaths

© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.