Detroit FRC City Approved Meeting Minutes 06-08-2020

DETROIT FINANCIAL REVIEW COMMISSION CITY OF DETROIT SPECIAL MEETING

Monday June 8, 2020 at 1:00 pm.

Remotely Using Microsoft Teams

MINUTES

Approved: June 29, 2020

  1. Call to Order

Chairperson, Rachael Eubanks called the meeting to order at 1:00 p.m.

  1. Roll Call         

  • Members Present – 7
    • Rachael Eubanks
    • Brenda Jones
    • Chris Kolb
    • Dave Massaron
    • David Nicholson
    • Ron Rose
    • John Walsh
  • Members Absent – 3
    • Stacy Fox
    • Iris Taylor (non-voting)
    • Nikolai Vitti (non-voting)

Let the record show that 7 Commission members eligible to vote were present.  A quorum was present.

  1. Old Business - None

  2. New Business

    1. New Business City of Detroit presentation of:
  • FY’21 budget and Four-Year Financial Plan (FY 21-FY 24)

The Office of Chief Financial Officer presented the adopted budget FY 2020-21 Budget and FY2021-2024 Four-Year Financial plan overview.The Presentation included: April 2020 revenue shortfall; FY 2020 and FY 2021 Revenue Assumptions; FY 2021 Budget-April 2020 budget changes; FY2021-FY2024 Four-Year Financial Plan; Budget Reserve Schedule; FY 2022-FY 2024 Revenue Assumptions; work changes; planned future borrowing; approach to external stimulus funding and the retiree protection fund & legacy pension funding analysis.He addressed questions from the Commission.

  • City’s Compliance with Financial Review Commission Act and Requirements for Year-Three Waiver  

The City submitted to the FRC a balanced FY 21 budget and Four-Year Financial Plan, also with balanced budgets in the succeeding three years, meeting the requirement in Sec. 8 (2) (c) of the Financial Review Commission Act.It was noted that the commission will conduct an independent review of all the relevant information and data as they relate to the city’s compliance with the FRC Act.

  1. Public Comment - None

  2. Next Meeting Date

City of Detroit Regular Meeting: June 29, 2020, beginning at 1:00 pm, using Microsoft Teams.

  1. Adjournment

Motion made to adjourn. Motion moved and supported, the Commission approved the motion to adjourn.

There being no further business, the meeting adjourned at 1:40 p.m.