Detroit has $63M surplus, deficit free two years in a row
The city of Detroit ended the 2016 fiscal year with a $63 million surplus, marking its second consecutive balanced budget out of bankruptcy, an achievement officials hope will earn it better standing in the bond markets and a path out of financial oversight. The city’s Comprehensive Annual Financial Report, publicly released Wednesday, also shows that for the first time in more than a decade, the city didn’t have any costs scrutinized for its federal grant use. The city filed the annual review of its finances with the state Treasury Department on Tuesday.
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