The Bond Buyer
Michigan relinquishes Detroit oversight, allowing city to forge its fiscal path
The end to Michigan's direct oversight of Detroit's finances is a milestone in the city's recovery from bankruptcy, giving it autonomy to manage fiscal fortunes that remain pressured by debt, pension, and economic development challenges.
With the city having met the requirement of posting three balanced budgets, the state's Detroit Financial Review Commission unanimously voted Monday to waive active oversight of the city. Lisa Washburn, an analyst at Municipal Market Analytics, said Detroit has yet to test its resilience.