Detroit released from state oversight; expensive debt and pension bills loom | MLive.com

Detroit released from state oversight; expensive debt and pension bills loom | MLive.com:
"The Detroit Financial Review Commission maintains oversight of the Detroit Public Schools Community District, which was created as a condition of a $617 million bailout of the city's public school district approved in 2016.
Gov. Rick Snyder on Tuesday approved an upcoming end to state receivership in Detroit after Emergency Manager Kevyn Orr suggested his job is complete.
The vote to restore City Council and mayoral powers occurred at Cadillac Place in Detroit's New Center, where at least one person spoke in favor of maintaining the review commission.
"It just seems to be here to make sure the city doesn't exceed its means, and it seems to have worked pretty well," said 31-year-old Nicholas Miller, a Midtown resident.
"I don't understand if, why something is working ... it has to be removed.
...Both of Detroit's pension systems, one for general employees and another for police and firefighters, are currently underfunded. 
The general pension is funded at about 65 percent and the police and fire pension at 75 percent, according to Kevin Kubacki, executive director of the Financial Review Commission..."
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