FLINT, Mich. (AP) — Gov. Rick Snyder has declared an end to Flint’s financial emergency.
Snyder made the announcement Wednesday after a state board approved a $7 million loan to eliminate Flint’s deficit. The governor says it’s a “new day” for the Genesee County city.
Flint has been run by four emergency managers since 2011. Its deficit was nearly $20 million in 2012.
Emergency manager Jerry Ambrose is returning Flint to local officials, although a five-member transition board will have a significant role in reviewing major contracts and budgets.
Deputy state Treasurer Wayne Workman says four of the five have strong ties to Flint. The city has a population of just below 100,000 — way down from 180,000 in the 1960s.