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April 28, 2025

April 28, 2025

Detroit Financial Review Commission

CITY of DETROIT REGULAR MEETING

Monday, April 28, 2025, at 1:00 p.m.

Via Microsoft Teams

MINUTES

  1. Call to Order
    1. Chairman, Kevin A. Smith called the meeting to order 1:01 p.m.
  2. Roll Call
    1. Let the record show that a quorum was present.
  3. Approval of the Proposed Minutes from March 31, 2025, Regular City Meeting
    1. Motion made by Commissioner Rose and supported by Commissioner Blaskiewicz to approve the draft minutes of the commission’s March 31, 2025, city meeting.The commission approved the minutes as presented.
  4. Executive Director’s Report
    1. Patrick Dostine, Executive Director, informed the meeting that: The city of Detroit remains in good standing with the financial review commission. After reviewing the financial report for the month ending February 2025, the city remains in compliance with all statute relevant to its waiver.
    2. The city council approved the FY26 budget on April 7, and the mayor signed it on April 9. The city will be forwarding an approved Four-Year Financial Plan on or before April 30 to the FRC office.
    3. The Financial Review Commission’s (FRC) city-finance committee meeting will be held on Wednesday, April 30, 2025, where an in-depth review of the budget and other financial and operational topics will be discussed, a summary of the meeting will be written, and copies will be included in commissioners’ packets for the May 19 FRC meeting. He made mention of the early meeting date in May, which is due to the Memorial Day holiday weekend. At that meeting, the city’s interim CFO and her team will be making a comprehensive presentation to the commission on the city’s finances and operations, and they will also make a case for the 8th consecutive waiver.The waiver approval meeting will be held on June 30, 2025.
    4. The executive summary in the city’s financial report outlines Judge Tucker’s ruling in favor of the city’s motion to modify and enhance certain retirement benefits for beneficiaries of the Police and Fire Retirement System.
    5. In addition, the executive summary in the city’s financial report this month lists the modifications and enhancements which are budgeted for FY26. The pension enhancements increased the liabilities and the ADECs in FY 26 budget for both Component I & II for police and fire. For Component I, the liabilities increased $53M; the ADEC increased roughly $4.7M, and Component II, liabilities increased $8.9M and the ADEC increased approx. $1M.
    6. On the General Retirement side, the city council adopted a resolution at the full board last week that will allow general retirement actives and retirees who are still subject to Annuity Savings Fund recoupment, and a cash option window to pay off the balance. There is no actuarial impact to the GRS plan. The plan is owed approximately $75M and 3400 plan participants are eligible.
  5. Old Business
    1. None
  6. City’s Financial Report for December 31, 2024 – FYI Only
    1. The Deputy Budget Director in the OCFO’s office and John Naglick gave an overview of the above-mentioned financial report and addressed questions from the commissioners.
  7. Public Comment
    1. Michelle George
  8. Next Meeting Date
    1. City Regular Meeting: Monday, May 19, 2025, at 1:00 pm. using Microsoft Teams.
  9. Adjournment
    1. There being no further business, the meeting adjourned at 1:31 p.m.

Roll Call

Members Present – 6

  • Hakim Berry
  • David Blaskiewicz
  • Jen Flood
  • Ron Rose
  • Kevin A. Smith
  • John Walsh

Members Absent –4

  • Dr. J. Barnwell
  • Mary Sheffield
  • Dr. Nicholai Vitti
  • Dr. Vaughn