Review Board: Detroit 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.
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