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Gov. Rick Snyder announced Thursday that Allen Park’s financial emergency has been resolved and appointed a receivership transition advisory board to guide the city back into local control.

The governor said he accepted a recommendation made Wednesday by Emergency Manager Joyce Parker that the city’s financial emergency had been adequately addressed. Parker has been emergency manager of Allen Park since Oct. 29, 2012.

According to Parker, the city has eliminated its structural and cumulative deficits and ended the most recent fiscal year with a projected fund balance of $3.6 million. Property sales, including the City Hall, generated an estimated $15.5 million in savings and new revenue, she said.

The city also saved money by cutting employee pay 10 percent, eliminating vacant positions and restructuring health care plans. In addition, a state board on Tuesday approved a 10-year, $2.6 million emergency loan for Allen Park to catch up on overdue pension payments.

“It has been an honor and a privilege to serve the residents of Allen Park,” Parker said in a statement issued by Snyder’s office. “We have taken some difficult but very important steps to address the city’s financial emergency and I believe Allen Park is on solid financial footing for the foreseeable future. I am also pleased to remain involved with city officials and residents as a member of the receivership transition advisory board.”

The other members of the advisory board are Suzanne Schafer, administrator of Treasury’s Local Audit and Finance Division, Frederick Frank, owner/principal, Frederick Frank, Attorney and Counselor, and Kristine Barann, vice president of finance, Baker College of Allen Park.

Snyder’s determination leaves four Michigan cities under emergency management: Detroit, Flint, Hamtramck and Lincoln Park.

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