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Detroit FRC City Meeting Minutes April 17, 2023
Detroit Financial Review Commission
CITY REGULAR MEETING
Monday, April 17, 2023, at 1:00 p.m.
Remotely Using Microsoft Teams
- Call to Order
- Chairman, Kevin A. Smith called the meeting to order at 1:00 p.m.
- Roll Call
- Let the record show that eight (8) commission members were present. A quorum was present at this meeting.
- Approval of the Proposed Minutes from the February 27, 2023, Regular City Meeting
- Motion made by commissioner Rose and seconded by commissioner Nicholson to approve the draft minutes of the commission’s city meeting as presented. Motion moved and supported; the commission approved the minutes of the above city meeting as presented.
- Approval of the Proposed Minutes from the March 27, 2023, Regular City Meeting
- Motion made by commissioner Harkins and seconded by commissioner Walsh to approve the draft minutes of the commission’s city meeting as presented. Motion moved and supported; the commission approved the minutes of the above city meeting as presented.
- Executive Director’s Report
- Patrick Dostine, Executive Director, informed the meeting that in reviewing the city’s monthly report ending February 28, 2023, the city continues to pay its debt obligations, remains in compliance, and there is no reason to consider rescinding the waiver at this time.
- Mr. Dostine told commissioners that the FRC will hold sub-committee meetings (contracts & procurement and finance) on May 1 and May 9 respectively.These meetings are being held in preparation of the city’s request for their year-six waiver.
- The City’s Deputy CFO, Steve Watson addressed questions relating to the city’s February 28, 2023 financial report. Mr. Watson added that Moody’s upgraded Detroit’s bond rating with a positive outlook. Mr. Watson said Moody’s noted the city’s ability to manage rising pension cost, solid budget management and continued revenue growth as reasons for the upgrade.
- Old Business
- New Business
- Public Comment
- Next Meeting Date
- City Regular Meeting: Monday, May 22, 2023, at 1:00 p.m., using Microsoft Teams.
- Motion made by Commissioner Nicholson and supported by Commissioner Rose to adjourn. The commission approved the motion to adjourn.
- There being no further business, the meeting adjourned at 1:17 p.m.
Members Present – 8
- Dr. J. Barnwell
- Chris Harkins
- David Nicholson
- Ron Rose
- Angelique Peterson-Mayberry(non-voting)
- Kevin Smith
- Jeremy Vidito (non-voting)
- John Walsh
Members Absent –2
- Jay Rising
- Mary Sheffield