Just prior to today’s announcement, CFO Tanya Stoudemire met with members of the State Financial Review Commission, which was put in place following the City’s exit from bankruptcy in 2014 to monitor the City’s budgeting and financial practices.  For a period of three years following the City’s emergence from bankruptcy, all City budgets and major contracts had to be approved by the FRC.  

At today's meeting the FRC approved a resolution to continue to waive active oversight. This means the FRC will remain in a period of decreased oversight, as long as the City continues deficit-free budgets and complies with other financial requirements.

“Receiving this waiver is one more indication of the City’s strong financial management practices and a validation that the FRC, like Moody’s, expects them to continue,” said Stoudemire. 

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