Lincoln Park Released from Receivership
Lincoln Park has full control once again.
The city of Lincoln Park has been released from financial receivership.
The Detroit suburb declared a financial emergency in 2014 due to problems funding pensions and health care costs.
Matt Coppler is Lincoln Park’s city manager. He says a lot of progress has been made under receivership.
“Moving forward we are going to continue with those best management practices that we put in place while under receivership,” Coppler says. “We’re getting ready to redo our master plan, which is a big tool for us, from the development perspective and control the destiny of the city.”
Coppler says Lincoln Park has already set aside about $10 million to help fund pensions.
But, he says there is still more work to be done in order for the city’s pensions to be fully funded.
The state has also released Pontiac from receivership, 10 years after declaring a financial emergency there. An emergency manager ran the city from 2009 to 2013, and gave way to a transition advisory board in 2013. The board has been dissolved, and city officials now have full power to make decisions without state guidance. The Michigan Department of Treasury says Pontiac ended its 2016 fiscal year with a general fund balance of $14 million.
