Detroit FRC City Meeting Minutes August 28, 2023

Detroit Financial Review Commission

CITY REGULAR MEETING

Monday, August 28, 2023, at 1:00 p.m.

Remotely Using Microsoft Teams

MINUTES

Approved

1. Call to Order
   1. Chairman, Kevin A. Smith called the meeting to order at 1:03 p.m.
2. Roll Call
   1. Let the record show that four (4) commission members eligible to vote on City matters were present. A quorum was not present.
3. Approval of the Proposed Minutes from the June 26, 2023, Regular City Meeting
   1. In the absence of a voting quorum on city matters at the August 28, 2023, meeting, it was agreed that approval of the June 26, 2023, and the July 31, 2023, City of Detroit meeting minutes will be tabled for the September 18, 2023, meeting.
4. Executive Director’s Report
   1. Patrick Dostine, Executive Director, informed the meeting that in reviewing the city’s monthly financial report ending June 30, 2023, the city remains in compliance with all statute as it relates to the City’s waiver.
   2. Mr. Dostine also informed commissioners thatthe General Retirement System Investment Committee adopted a 30-year amortization, level principal funding policy. The city’s actuarial determined contribution will increase for FY 2024, as a result, and the city will take a budget amendment to city council that reflects the increase. Mr. Dostine said the Police and Fire Retirement System (PFRS) has yet to adopt a funding policy after the bankruptcy ruling back in March. Mr. Dostine said the PFRS is in talks with the administration about possible enhancement of benefits.
5. Old Business
   1. None
6. New Business
   1. None
7. City of Detroit Financial Report for June 30, 2023 – FYI Only
   1. Deputy CFO/Budget Director, Steve Watson gave a detailed overview of above-mentioned financial report and addressed questions from the commissioners.
8. Public Comment
   1. None
9. Next Meeting Date
   1. City Regular Meeting: Monday, September 18, 2023, at 1:00 p.m., using Microsoft Teams.
10. Adjournment
    1. There being no further business, the meeting adjourned at 1:21 p.m.

Roll Call:

Members Present – 4

• Dr. J. Barnwell
• Chris Harkins
• Ron Rose
• Kevin Smith

Members Absent –5

• Angelique Peterson-Mayberry(non-voting)
• Jay Rising
• Mary Sheffield
• Dr. Nicholai Vitti (Non-voting)
• John Walsh