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.
- The best places to celebrate Fall in Phoenix
- Infamous athletes who did the most time for their crimes
- 2016 baseball highlights, bloopers and blunders
- See how CFOs really feel about business in the Valley
- The best television shows on the internet
- A preseason guide to avoid holiday weight gain
- The 5 worst things you could do for your roof
- 6 coolest things brewing in Arizona
- The virus that keeps head and neck cancers on the rise
- State Fair ‘Kid Reporter’ has all the angles covered
- 4 important things to know about timeshare maintenance fees
- Signs of delayed car crash injuries
- The truth about sports concussions
- The Alzheimer's epidemic: Facts you need to know
- The season is here, keep your Fantasy Football team strong all season
- 8 TV shows you can't miss this fall
- Football is here: 6 tips to make this your best season ever
- Gameday recipes and beers to match
- 6 reasons the Cardinals are driven to win the Super Bowl
- The Pac-12 football season nears kickoff
- Tips to get ready for a pain-free golf season
- Protect your family with these 7 home security features
- How to train like an Olympic swimmer
- 2016 Olympics: A guide to must-see TV events
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier