March 31, 2025

Detroit Financial Review Commission

CITY of DETROIT REGULAR MEETING

Monday, March 31, 2025, at 1:00 p.m.

Via Microsoft Teams

MINUTES

1. Call to Order
   1. Chairman, Kevin A. Smith called the meeting to order 1:00 p.m.,
2. Roll Call
   1. Let the record show a quorum was present.
3. Approval of the Proposed Minutes from the February 24, 2025, Regular City Meeting
   1. Motion made by Commissioner Rose and supported by Commissioner Berry to approve the minutes of the commission’s February 24, 2025, city meeting.The commission 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 January 31, 2025, the city remains in good standing with the Financial Review Commission and remains in compliance with all statute relative to the waiver.
   2. He stated that the city submitted its long-term forecast report for legacy pension plans and debt obligations and noted that the financial review commission’s (FRC) administrative office will email commissioners the report.He further stated that the FY 26 budget hearings were concluding today, March 31, 2025; Executive sessions begin April 2 and conclude April 7. He informed the meeting that the city will transmit an approved four-year financial plan on or before April 30 to Financial Review Commission’s (FRC) offices.  
   3. He also provided updates to the commission about motions pending with the bankruptcy court and reported that the court approved the supplemental checks for GRS and PFRS retirees and beneficiaries on March 6, 2025. He further stated that the March 19 hearing to amend the combined plan for the pensions was rescheduled to April 2. He also reported that the administration and its legal counsel are drafting a resolution that would recommend those GRS retirees who have a balance due to the annuity savings fund be extended the opportunity to pay it off in one lump sum.
   4. Mr. Dostine informed the meeting of the city’s Chief Financial Officer Jay Rising’s announced retirement the week before and stated that the city has 180 days from April 1 to appoint a successor, per Sec 8(3) of the Michigan Financial Review Commission Act of 2014.
5. Old Business
   1. None
6. City’s Financial Report for January 31, 2025 – FYI Only
   1. Chief Deputy CFO in the OCFO’s office Tanya Stoudemire gave an overview of above-mentioned financial report and addressed questions from the commissioners.
7. Public Comment
   1. None
8. Next Meeting Date
   1. City Regular Meeting: Monday, April 28, 2025, at 1:00 pm. using Microsoft Teams.
9. Adjournment
   1. Motion made to adjourn. Motion moved and supported; the Commission approved the motion to adjourn.
   2. There being no further business, the meeting adjourned at 1:22 p.m.

Roll Call

Members Present – 8

• Dr. J. Barnwell
• Hakim Berry
• David Blaskiewicz
• Jen Flood
• Jay Rising
• Ron Rose
• Kevin A. Smith
• Bishop Dr. Vaughn (non-voting)

Members Absent –3

• Mary Sheffield
• Dr. Nicholai Vitti (non-voting)
• John Walsh