April 30, 2018 / 5:33 PM / 3 months ago

Detroit released from active state oversight of its finances

April 30 (Reuters) - A state of Michigan board voted on Monday to end active oversight of Detroit’s finances after the city managed to balance its budgets since exiting bankruptcy in 2014.

The unanimous vote by the financial review commission, which was created as part of the city’s federal court-approved debt adjustment plan, enables Detroit’s elected officials to enact budgets and enter into contracts without first obtaining the board’s approval. (Reporting by Karen Pierog in Chicago Editing by Matthew Lewis)

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