PONTIAC, Mich. — The city of Pontiac has been removed from state receivership.
Michigan Treasurer Nick Khouri says Tuesday that local leaders will regain full control and manage all internal operations and finances without state oversight.
The Pontiac Receivership Transition Advisory Board also has been dissolved. The board had recommended termination of receivership.
A financial review team concluded in 2007 that a financial emergency existed in Pontiac, northwest of Detroit. An emergency manager was appointed in 2009 to fix the city’s finances. The transition advisory board was appointed in 2013 after the city’s financial emergency was resolved.
The state now says Pontiac is ending its 2016 fiscal year with a $14 million general fund balance.
Earlier Tuesday, Khouri announced that the Detroit suburb of Lincoln Park had been released from financial receivership.