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Detroit FRC City Meeting Minutes May 22, 2023

Detroit Financial Review Commission


Monday, May 22, 2023, at 1:00 p.m.

Remotely Using Microsoft Teams


Approved June 26, 2023

  1. Call to Order
    1. Chairman, Kevin A. Smith called the meeting to order 1:00 p.m.
  2. Roll Call
    1. Let the record show that six (6) Commission members eligible to vote were present, A quorum was present.
  3. Approval of the Proposed Minutes from the April 17, 2023, Regular City Meeting
    1. Motion made by Commissioner Rose and supported by Commissioner Vidito to approve the draft minutes of the Commission’s April 17, 2023; City meeting as presented. The Commission unanimously approved the minutes as presented.
  4. Executive Director’s Report
    1. Patrick Dostine, Executive Director, informed the meeting that in reviewing the City’s monthly report, ending March 31, 2023, the city continues to pay its debt and pension obligations, remains in compliance with all statute relevant to the waiver, and there is no reason to consider rescinding the waiver at this time. Mr. Dostine also told commissioners that the FRC subcommittees for contracts/grants and finance met May 2, and May 9, respectively, as planned.
  5. Old Business
    1. None
  6. New Business
    1. City’s Year-Six Waiver Renewal Request – Presentation
      1. Steve Watson, Deputy CFO/Budget Director, and John Naglick, Chief Deputy CFO/ Finance Director at the City made a detailed presentation to the FRC Commission. The presentation included: an overview the FY 2024 adopted budget and the Four-Year Financial Plan; revenue estimates from the February conference, the Rainy-Day Fund, the Retirement Protection Fund (RPF) and pensions, and the city’s participation in the municipal securities market. The FRC was informed that no event specified in section 8(3) of public Act 181 of 2014 has occurred or has a substantial likelihood to imminently occur that would authorize the recission of the waiver by the commission, and the City has continued to satisfy all conditions necessary by section 8(2) of the FRC Act for the waiver requirements. They addressed questions from the Commission.
  7. Public Comment
    1. None
  8. Next Meeting Date
    1. City Regular Meeting: Monday, June 26, 2023, at 1:00 pm, remotely via Microsoft Teams.
  9. Adjournment
    1. Motion made by Commissioner Harkins and supported by Commissioner Barnwell to adjourn. The Commission approved the motion to adjourn.
    2. There being no further business, the meeting adjourned at 1:47 p.m.

Roll Call:

Members Present -7

  • Dr. Barnwell
  • Chris Harkins
  • Angelique Peterson-Mayberry (non-voting on city matters)
  • Jay Rising (joined the meeting at 1:15 pm)
  • Ron Rose
  • Kevin Smith
  • Jeremy Vidito (non-voting on city matters)

Absent -3

  • David Nicholson
  • Mary Sheffield
  • John Walsh