DETROIT — The city of Detroit has moved past its former bankruptcy with a current balanced budget and a near $63 million surplus.

The figures were released on May 31 from Detroit’s Comprehensive Annual Financial Report for the fiscal year that ended on June 30, 2016. This is the city’s second consecutive balanced budget.

According to Mayor Mike Duggan, a $51 million surplus is projected for the current fiscal year, which ends on June 30.

Regarding the audit, Duggan says that it confirms his “administration is making good on its promise to manage Detroit’s finances.” The consecutive surplus budgets will allow the city to be on the path to exit financial oversight.

Additionally, several neighborhoods have had the opportunity to upgrade due to these long-term financial improvements. Public safety and other residential services have been enhanced lately.

This is a step forward from Detroit’s bankruptcy petition in 2013, which was filed by a state-appointed emergency manager. Detroit emerged from bankruptcy in December 2014, restructuring $7 billion in debt.