The city has regained local control over its finances after a panel voted yesterday to release Detroit from state oversight, the Detroit News reported. The unanimous decision by the state’s financial review commission comes more than three years after the city emerged from the largest municipal bankruptcy in U.S. history. Moving forward, the commission will no longer have to sign off on contracts and budget changes in Detroit, state officials say. Detroit met a major threshold required to exit oversight from the commission when it posted three consecutive budget surpluses, said Ron Leix, spokesman for the Michigan Department of Treasury.
