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Michigan EAA now financially stable

DETROIT (WKZO) -- The Education Achievement Authority looks to be out of the woods financially.

The EAA recently paid off a 5.1-million dollar loan early and is expected to propose a 92-million dollar general fund budget for the new fiscal year.  EAA Chancellor John Covington says that the authority is in "solid financial condition."  The announcement comes after a financially troubled first year.

The authority was established to take over and turn around schools that perform among the lowest five-percent in the state.