November 18, 2024

Detroit Financial Review Commission

CITY of Detroit REGULAR MEETING

Monday, November 18, 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 a quorum was not present.
3. Approval of the Proposed Minutes from the October 28, 2024, Regular City Meeting
   1. In the absence of a quorum, the proposed October 28, 2024, Regular City Meeting minutes was tabled for the December 16, 2024, meeting.
4. Executive Director’s Report
   1. Patrick Dostine, Executive Director, informed the meeting that in reviewing the City’s monthly report, ending September 30, 2024, the city remains in good standing with the Financial Review Commission and remains in compliance with all statute relative to the waiver.
   2. Mr. Dostine told the commission that the city reached a stipulation agreement with the PFRS bringing an end to the almost two-year legal battle regarding the funding policy. The stipulation requires, among other things, a 30-year level principal amortization to calculate the annual actuarial determined contribution. Mr. Dostine also reported that the fiscal year 2026 budget is underway. The city is holding its budget priorities forums. Lastly, Mr. Dostine reported that Plante Moran is working on the city’s fiscal year 2024 audit, and that it is anticipated the audit will be completed and filed on time with the Michigan Department of Treasury in December.
5. Old Business
   1. None
6. New Business:
   1. Consideration of 2025 Regular Meeting Schedule (FRC School District Resolution 2024-4)
      1. In the absence of a quorum, the above-mentioned resolution was tabled for the December 16, 2024 meeting.
7. City’s Financial Report for September 30, 2024 – FYI Only
   1. Deputy CFO and Chief Deputy CFO in the OCFO’s office Tanya Stoudemire and John Naglick gave an overview of above-mentioned financial report and addressed questions from the commissioners.
8. Public Comment
   1. William Davis
   2. Michelle George
9. Next Meeting Date
   1. City Regular Meeting: Monday, December 16, 2024, at 1:00 pm. using Microsoft Teams.
10. Adjournment
    1. Motion made by Commissioner Rose and supported by Commissioner Blaskiewicz to adjourn. The Commission approved the motion to adjourn.
    2. There being no further business, the meeting adjourned at 1:25 p.m.

Roll Call:

Members Present – 4

• David Blaskiewicz
• Jen Flood
• Ron Rose
• Kevin A. Smith

Members Absent –7

• Hakim Berry
• Dr. J. Barnwell
• Angelique Peterson-Mayberry (non-voting)
• Jay Rising
• Mary Sheffield
• Dr. Nicholai Vitti
• John Walsh