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Detroit released from active state oversight of finances

Detroit released from active state oversight of finances

DETROIT (AP) — The city of Detroit has been released from active state oversight just over three years after exiting the largest municipal bankruptcy in U.S. history.

A nine-member review commission unanimously voted Monday on a waiver that returns financial control to the mayor and City Council after Detroit delivered three consecutive years of audited balanced budgets.

A $36 million operating surplus also is expected for fiscal year 2018.

The waiver must be approved annually for 10 years before the commission is fully retired.

A state-appointed emergency manager overseeing Detroit's finances filed for bankruptcy in 2013. Detroit exited bankruptcy in December 2014 after restructuring about $7 billion in debt.

The financial review commission was created in 2014 and given oversight for borrowing and large city-issued contracts as part of the bankruptcy restructuring plan.

Updated : 2021-08-06 02:57 GMT+08:00