PHOENIX — Detroit has become the largest American city to file for bankruptcy.
Phoenix Mayor Greg Stanton said if residents are worried that Phoenix might be next, they should not be.
Stanton said Phoenix doesn’t have the issues that Detroit does. For example, one of Detroit’s problems is being able to pay for pensions.
“Pensions come up all of the time,” he said. “Phoenix already, during my time as mayor, has already passed pension reform that is going to save $600 million over 25 years. We’re going to work with our labor groups to continue to make changes to our pension system that will save the people of our city money.”
Stanton said that Phoenix has never missed a pension payment.
He also said that Phoenix has something else to boast about.
“The city of Phoenix has the highest credit rating, we balance our budget every single year and we are often looked at as the model for financial management,” said Stanton.
Stanton said that Phoenix will not be following in Detroit’s footsteps.
- 7 common ways to get sued by your employees
- Why it might be time to upgrade your toilet
- Arizona teachers are building a better future by using technology in the classroom
- How to make summer reading fun for the whole family
- How to find relief for chronic joint pain
- Can the NBA Lottery save the Suns?
- Skip Urgent Care: 5 ailments you can treat with telemedicine
- Skin Cancer in Arizona: Stats, facts and new immunotherapy drugs making strides
- Distracted walking injuries end up not so funny
- Scary situations: 5 quick tips before you let a contractor in your home
- Four ways telemedicine is changing the health care industry
- 5 mistakes homeowners make in the spring
- Three rivers run through it: Exploring Arizona's waterways
- Smart home basics: things you need to know to get started
- 5 Surprising things causing back pain
- Arizona agriculture is a $17.1B industry
- Timeline: Arizona's roots in brewing history
- 5 reasons to love the D-backs this season
- Tips for taking your home entertainment experience to the backyard
- Tech-related injuries your parents never experienced
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments