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December 16, 2024

December 16, 2024

Detroit Financial Review Commission

CITY REGULAR MEETING

Monday, December 16, 2024, at 1:00 p.m.

Via Microsoft Teams

MINUTES

  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 a quorum was present.
  3. Approval of the Proposed Minutes from the November 16, 2024, Regular City Meeting
    1. Motion made by Commissioner Rose and supported by Commissioner Berry to approve the draft minutes of the Commission’s November 16, 2024, city meeting as presented. The Commission approved the minutes of the city meeting as presented.
  4. Approval of Proposed Minutes from the October 28, 2024, Meeting
    1. Motion made by Commissioner Rose and supported by Commissioner Walsh to approve the draft minutes of the Commission’s October 28,2024, city meeting as presented. The Commission approved the minutes of the city meeting as presented.
  5. Executive Director’s Report
    1. Patrick Dostine, Executive Director, informed the meeting that in reviewing the City’s monthly report ending October 31, 2024, the city continues to pay its debt obligations, remains in compliance, and there is no reason to consider rescinding the waiver at this time.
    2. Mr. Dostine informed the commission of the series of steps necessary the city took to modify pension benefits. The last step that remains for the four Memorandum of Understanding that modify benefits is approval from the bankruptcy court. Mr. Dostine also informed the commission that the city is applying the same steps to get the 13th check approved for the legacy systems to distribute to retires sometime next spring. Lastly, Mr Dostine told commissioners that the city made its second quarter contribution of $21 million to the legacy systems.
  6. Old Business
    1. Approval request of the 2025 Regular Meeting Schedule (FRC’s City Resolution 2024-4)
  7. New Business
    1. None
  8. City’s Financial Report for four months ended October 31, 2024 – FYI Only
    1. Representatives from the OCFO office gave an overview of above-mentioned financial report and addressed questions from the commissioners.
  9. Public Comment
    1. Michelle George
  10. Next Meeting Date
    1. City Regular Meeting: Monday, January 27, 2025, at 1:00 pm, remotely using Microsoft Teams.
  11. Adjournment
    1. Motion made by Commissioner Berry and supported by Commissioner Flood to adjourn. The Commission approved the motion to adjourn.
    2. There being no further business, the meeting adjourned at 1:30 p.m.

Roll Call

Members Present

  • Dr. J. Barnwell
  • Hakim Berry
  • Jen Flood
  • Jay Rising
  • Ron Rose
  • Kevin Smith
  • John Walsh

Members Absent

  • Angelique Peterson -Mayberry
  • Mary Sheffield
  • Dr. N. Vitti