The state-appointed emergency manager of the Detroit Public Schools says a $200 million bond issue and other moves are helping the district make progress toward eliminating its budget deficit.
Roy Roberts announced Monday that Michigan's largest school system generated its first annual operating surplus since 2007 and reduced its negative fund balance about $43 million for the 2010-2011 fiscal year.
Roberts says the district expects to cut its deficit from $327 million to $84 million, mainly through a $200 million bond issue last month. The bonds let the district spread out repayment over 10 years.
Roberts cut employees' salaries 10 percent this year and raised
their health insurance payments.
Michigan has controlled the district's finances since 2009.
Enrollment is about 66,000, down from 104,000 in 2007 and 168,000