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Detroit's bankruptcy 10 years later: Was it the best choice?
It was 10 years ago that Detroit filed for bankruptcy, becoming the largest municipality in U.S. History to do so. Many argue the city has benefitted since then - though some may not agree.
(FOX 2) - Detroit's bankruptcy has finally ended, concluding 13 years of federal supervision over the city's finances as it ends a dark chapter in the municipality's long history.
The Sheffield Administration announced this week it was making the final payments to claimants to the tune of $10 million.
"The closure represents the last step in a journey that has required discipline and sacrifice. We are signaling to the world that Detroit is once again a self-sustaining city with the financial maturity to manage its own future," said the city's chief financial officer.
Big picture view:
Detroit's finances have been overseen by a bankruptcy judge since July 2013.
Mayor Sheffield cited the city's 12 consecutive balanced budgets along with more than $500 million in reserve funds.
"I want to thank our financial and legal teams for their hard work making this day possible. Detroit continues to show that it has its financial house in order and in fact has become a model city for effective and responsible fiscal management," Sheffield said in a statement.
Dig deeper:
The city's final payment of $10 million to claimants is for accrued interest.
With the final payment, Detroit will now have an additional $150 million in annual spending available for city services.
"I would be remiss if I didn't acknowledge the critical role the sacrifices of our retirees played in the city’s ability to emerge from bankruptcy and embark upon the road to recover. We owe them a great debt of gratitude," Sheffield added.
The Source: A news release from the Detroit mayor's office was cited for this story.