DETROIT (AP) - Once bankrupt Detroit has a balanced budget and a near $63 million surplus.
Figures were released Wednesday from Detroit’s Comprehensive Annual Financial Report for the fiscal year that ended June 30, 2016. It’s the city’s second consecutive balanced budget.
Mayor Mike Duggan’s office says a $51 million surplus is projected for the current fiscal year which ends June 30.
Duggan says the audit confirms his “administration is making good on its promise to manage Detroit’s finances” and the consecutive deficit-free budgets puts the city on a path to exit financial oversight.
Improved long-term finances also are allowing Detroit to upgrade neighborhoods, public safety and other residential services.
A state-appointed emergency manager filed Detroit’s bankruptcy petition in 2013. Detroit exited bankruptcy in December 2014, restructuring $7 billion in debt.
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