The City of Brockton Finance control Board announced last week that it has ended its review of the city's finances, a year ahead of schedule.
The state-controlled board, which has disbanded, was established by a special act of the state legislature in 1990, as the city approached insolvency.
Since then, the city has removed its $15 million structural deficit through layoffs, program cut-backs, and local fee increases.
In a release, state secretary of administration and finance Mark Robinson congratulated Brockton's Mayor Winthrop Farwell and chief financial officer John Condon for their work since 1990.
"The board has achieved its mission," Robinson said in the release. "We're confident in the city's ability to build on the strides we've made together."
Since the control board was established, town officials have created a finance department and a contingency account of $1 million.
As a result, the city was upgraded by Moody's Investors Service to Ba from B in March 1992 and by Standard & Poor's Corp. to BB-plus from BB last month.
The control board comprised Farwell; Condon; Frederick Kingsley of the state Department of Revenue; Samuel Tyler, executive director of the Boston Municipal Research Bureau; Control Board Chairman Jeff Wulfson, also from the Department of Revenue; and John McGarry, president of the City Council.
With the dissolution of the board, Brockton joins Lynn, Holyoke, and Chelsea as cities that had boards in place that were disbanded.
