Updated Aug 23, 2013 - 1:32 pm
Stanton: Phoenix residents need not be worried about bankruptcy
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.
Bob McClay, Reporter