What a difference a year can make.
Detroit's fiscal health is clearly better than a year after coming out of bankruptcy, but challenges remain.
Louis Aguilar of The Detroit News reports:
In July, Moody’s Investors Service upgraded Detroit’s to a positive rating, B2, from the stable B3. The rating measures Detroit’s overall creditworthiness for investors in municipal debt
“City leaders and management are taking aggressive steps to revitalize the economy and sustain the current positive trends,” Moody’s wrote in a statement Monday.
The city’s jobless rate has dropped to 11.5 percent in September compared to 16.3 percent in September 2014. Also, the city closed the fiscal year, which ended June 30, with an estimated operating revenue exceeding budgeted revenue by 1 percent , according to the Detroit Financial Review Commission. Revised estimates in September indicate that fiscal 2016 revenue is on track to exceed budgeted revenue by nearly 3 percent.