Here's how Detroit plans to spend its $63 million surplus

Posted at 1:43 PM, May 31, 2017
and last updated 2017-06-01 13:41:28-04

Once bankrupt Detroit has a balanced budget and a near $63 million surplus.

Figures were released Wednesday from Detroit's Comprehensive Annual Financial Report for the fiscal year that ended June 30, 2016. It's the city's second consecutive balanced budget.

RelatedAudit: Detroit has balanced budget, $63 million surplus

Mayor Mike Duggan's office says a $51 million surplus is projected for the current fiscal year which ends June 30.
Duggan says the audit confirms his "administration is making good on its promise to manage Detroit's finances" and the consecutive deficit-free budgets puts the city on a path to exit financial oversight.

Improved long-term finances also are allowing Detroit to upgrade neighborhoods, public safety and other residential services. In addition, surplus money has been used to set up help the Retiree Protection Fund.

A state-appointed emergency manager filed Detroit's bankruptcy petition in 2013. Detroit exited bankruptcy in December 2014, restructuring $7 billion in debt.