Detroit city budget has a surplus of nearly $63 million
The city of Detroit could soon be independent of financial oversight.
According to its Comprehensive Annual Financial Report, Detroit ended the 2016 fiscal year with its second consecutive balanced budget, and a $62.9 million surplus.
John Hill, the city’s chief financial officer, says that if the city can end the 2017 fiscal year with another balanced budget, it will be more in control of its financial future.
“This is the second of the three years that have to be a balanced budget in order for the [Financial Review Commission] to waive their direct oversight and so we’re really on track to have that happen,” Hill said.
Hill says the city will use the surplus money from the budget on capital improvements.
“And also to pay for blight remediation, as well as to help to support the Retiree Protection Fund,” he said.
Surplus funds could also be allocated for other uses, pending approval from the mayor and city council.
According to Hill, the city expects a $52 million surplus for the 2017 fiscal year, which ends at the end of June.