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Detroit FRC City Meeting Minutes July 31, 2023
Detroit Financial Review Commission
CITY REGULAR MEETING
Monday, July 31, 2023, at 1:00 p.m.
Remotely Using Microsoft Teams
- Call to Order
- Chairman, Kevin A. Smith called the meeting to order at 1:07 p.m.
- Roll Call
- Let the record show that four (4) commission members eligible to vote on City matters were present. A quorum was not present.
- Approval of the Proposed Minutes from the June 26, 2023, Regular City Meeting
- In the absence of a voting quorum on city matters at the July 31, 2023, meeting, it was agreed that approval of the June 26, 2023, City of Detroit meeting minutes will be tabled for the August 28, 2023, meeting.
- Executive Director’s Report
- Patrick Dostine, Executive Director, informed the meeting that in reviewing the city’s monthly report ending May 31, 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 also informed commissioners that city sold $100 million in bonds on July 13. It was a very successful issuance. Mr. Dostine also updated the commissioners on the pension funding issue. PFRS filed on July 10 a motion for reconsideration of the recent court’s order that granted the city’s motion to enforce the Plan of Adjustment and the 30-year amortization. In addition, the court is requiring the city to file a response to PFRS’s motion. Next, Mr. Dostine reported that the GRS board adopted its funding policy subsequent to the court order mentioned above. Its funding policy is a 30-year amortization, level principle rather than a level dollar. Finally, Mr. Dostine told commissioners that the city received a grant notification letter from the Michigan Department of Treasury indicating that the GRS legacy system was awarded the Protecting MI Pension grant. The amount was approximately $24 million.
- Old Business
- New Business
- Public Comment
- Michelle George
- Next Meeting Date
- City Regular Meeting: Monday, August 28, 2023, at 1:00 p.m., using Microsoft Teams.
- Motion made to adjourn. The commission approved the motion to adjourn.
- There being no further business, the meeting adjourned at 1:18 p.m.
Members Present – 5
- Jay Rising
- Ron Rose
- Kevin Smith
- Jeremy Vidito (non-voting)
- John Walsh
Members Absent –4
- Dr. J. Barnwell
- Chris Harkins
- Angelique Peterson-Mayberry(non-voting)
- Mary Sheffield