Michigan

Allen Park, Michigan took its final step toward financial independence on Tuesday, regaining full local control its operations and finances after nearly four years of state oversight.

Wayne County, Mich. said it expects a general fund operating budget surplus of $44 million, news the county hopes will bolster its fiscal position as it advances plans to complete its downtown jail project that will require $200 million of borrowing.

Wayne County, Michigan is taking the next step toward reviving its bond-financed downtown Detroit jail project.

Battle Creek, Michigan’s general obligation bonds and issuer default rating took a one notch downgrade to AA-minus from Fitch Ratings.

A reappraisal of Detroit property taxes means that more than half of homeowners will see a reduction in taxes for the fourth year in a row, which could help the city’s post-bankruptcy economic prospects as more property owners keep current.

Michigan needs to do more to help cities control the costs of infrastructure and healthcare spending, the Michigan Municipal League says in a new report.

Royal Oak, Mich., is awaiting state approval on a $126 million general obligation-backed retirement obligation bond deal that would help the city pay off its legacy retirement obligations.

Michigan's underfunding of its infrastructure could crowd out the state's ability to fund other priorities such as improving pension funding at a time when tax revenues are beginning to slow, according to a Moody's Investors Service.

Michigan Gov. Rick Snyder put the state's infrastructure needs at the top of his to-do list in his State of the State address

A $330 million surplus this year that resulted from better than projected fund balances and other one-time savings will help out the fiscal 2018 budget, according to new state financial projections.

Municipal retirement systems will be required to report on their unfunded pension and retiree health care costs annually under legislation signed by Michigan Gov. Rick Snyder.

The University of Michigan heads into the New Year with a triple-A rated $450 million general revenue bond deal.

Former Michigan state representative Al Pscholka, who chaired the House Appropriations Committee and sponsored the state's controversial emergency manager law, will take over the state budget director's position in mid-February.

Detroit still faces an unexpected gap in pensions and the absence of a long-term economic plan that leaves the city vulnerable to setbacks.

Michigan-based Trinity Health Credit Group will take some unpleasant rating news into its pricing of $340 million of new-money and refunding bonds, after a downgrade that still leaves the system at the AA-minus level.

Genesee County, Mich., officials say they don't expect criminal charges against former Flint leaders stemming from the city's participation in the Karegnondi Water Authority pipeline to impact the project or its bonds.

The state-backed restructuring of Detroit’s public school system is a positive development for existing bondholders, says Moody’s Investors Service.

New criminal charges stemming from the Flint, Michigan water contamination crisis accuse two former state-appointed emergency managers and two other ex-city employees with using false and misleading tactics to participate in the bond-financed Karegnondi Water Authority project.

The Michigan Department of Education said the the number of school districts reporting a deficit was down 30%.

Flint, Mich., and other cities with contaminated water supplies would get $170 million of federal aid under a water bill and continuing resolution passed by the House on Thursday.