State to release Inkster from consent agreement
Inkster — Citing “significant financial progress,” Michigan’s treasurer announced Wednesday the city will be released from its consent agreement with the state after more than four years.
State Treasurer Nick Khouri said Inkster has met all conditions for release from the agreement and should be free of it before the end of the city’s fiscal year, which is June 30. The city signed the consent agreement in February 2012 to avoid a state takeover by an emergency manager.
“The residents of Inkster should be proud of the significant progress that the city has made while operating within the best practices established by this agreement,” Khouri said in a statement. “Inkster has made great strides to return to stable financial footing.”
Khouri said the city met all three conditions for release from the agreement: Its financial statements indicate the city is no longer in deficit; it has eliminated imbalances where recurring operating expenses are greater than recurring revenues; and Khouri certified to Gov. Rick Snyder that no condition exists within the city cause a state board to begin a preliminary review of the city’s finances.
Khouri said he expects officials with his department will meet periodically with city officials to further support the city as it continues to improve its finances, operations and residents’ quality of life.
Inkster Mayor Byron Nolen welcomed the news Wednesday.
“The residents of the city of Inkster are ecstatic to be released from the consent agreement with the state of Michigan,” he said in a statement.
“This release reflects the hard work and determination of the city’s residents, elected officials and administration to pay off the city’s debt and attain reasonable fund balance levels in just four years, one year ahead of our five year repayment plan. The future for the city of Inkster is bright.”