Big Improvement: Detroit Shows a $63-Million Surplus for 2016

For the city of Detroit, the word "surplus" seemed rather foreign in the past when it came to the budget.

Now, the city says it had a $63 million surplus in fiscal 2016, Christine Ferrertti of The Detroit News reports.

The news marked the second  consecutive year the city had a balanced budget since it emerged from bankruptcy. That is likely to help its standing in the bond market and move it a step closer to getting out from underneath financial oversight by the state.

“We are operating in a very fiscally responsible way that we believe will have a lot of positive implications on the future,” Detroit Chief Financial Officer John Hill says.