A nine-member review commission unanimously voted on a waiver that releases the city from state financial oversight after Detroit delivered three consecutive years of audited balanced budgets. DETROIT—Michigan on Monday returned financial control of Detroit to the city’s mayor and council, just more than three years after the Motor City exited the largest municipal bankruptcy in U.S. history. Detroit was about $12 billion in debt and unable to deliver adequate city services when Republican Gov. Rick Snyder placed the city under state receivership in early 2013. The financial review commission was created in 2014 and given oversight over borrowing and large city-issued contracts as part of the bankruptcy restructuring plan.

Source: thestar April 30, 2018 18:56 UTC