DETROIT – The state-appointed emergency manager who helped take Detroit into bankruptcy says he sees a budget surplus not long after it emerges.
The Detroit News and Detroit Free Press report that Kevyn Orr told the city’s financial oversight board Friday that he projects a surplus of about $100 million by the end of next fiscal year.
Orr tells the panel he’ll ask a federal judge to make the bankruptcy exit official next week. He says he’ll resign when the financial emergency is completed and he hopes that will come by mid-month.
Gov. Rick Snyder appointed Orr as Detroit’s emergency manager in March 2013. Four months later, they decided bankruptcy was the best solution to slash billions of dollars of debt.
A judge last month approved Orr’s long-term fiscal recovery plan.