Flint's general fund deficit has gone from $19 million to $9 million in two years, and is on track to being eliminated entirely in five years.
That's according to an audit presented to the city council Monday night.
The second bit of good news for the city's fiscal health was legacy costs.
Rising pension and healthcare expenses for retirees are issues for many of Michigan's cities, but Flint's tax base continues to shrink and more cuts to legacy items (like healthcare) could be down the road.
But in the past two years, the city has slashed its legacy costs from $850 million to $240 million.
At the same time, retirees have been forced to pay more for their healthcare, city services have been cut, and public employees are seeing smaller paychecks.
In a statement, newly appointed Emergency Manager Jerry Ambrose said Flint is "approaching financial stability, yet services are very low and the city faces significant challenges...[and projections show] a very significant gap between revenues and expenses for Fiscal Year 2017."
