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August 24, 2026

August 24, 2026

Detroit Financial Review Commission

Regular City Meeting

Monday, August 24, 2026, at 1:00 p.m.

Minutes

  1. Call to Order
    1. Chairman, Kevin A. Smith called the meeting to order at 1:00 p.m.
  2. Roll Call
    1. Members Present
      1. Dr. J. Barnwell
      2. David Blaszkiewicz
      3. Ron Rose
      4. Kevin A. Smith
      5. Tanya Stoudemire
      6. James Tate
      7. John Walsh
    2. Members Absent
      1. Akim Berry
      2. Jen Flood
      3. Latrice McClendon
      4. Dr. N. Vitti
    3. Let the record show that 7 Commission members eligible to vote were present. A quorum was present.
  3. Approval of proposed Minutes from July 27, 2026, Regular City Meeting
    1. Motion made by Commissioner Stoudemire and supported by Commissioner Rose to approve the draft minutes of the Commission’s July 27, 2026, city meeting with one amendment, which would clarify the average cost to remediate the contaminated backfill.
    2. It was agreed that the July 27, 2026, meeting minutes would be amended to reflect that “the average cost to remediate the first 100 properties so far, was approximately $36,000. Mr. Dostine said that the director noted that $36,000 doesn’t include the add-on average cost of $5,000-$6,000 per lot for initial sampling and analysis.” The Commission approved the amended minutes of July 27, 2026, city meeting.
  4. Executive Director’s Report
    1. Based on the city’s financial report month ending June 30, 2026, the city continues to remain in good standing with the financial review commission.
    2. Mr. Dostine stated that city council is on recess this month, so there wasn’t much to report from council. However, he did report on the pension boards and investment committee meetings. He stated that the General Retirement System of the city of Detroit portfolio delivered a total return of 13.2%, which is an unaudited number for the fiscal year ending June 30, 2026. He further stated that 13.2% is the fund’s second-strongest fiscal year return in the past five years, trailing only the post-pandemic recovery year of FY2021.
    3. The meeting was further informed that the police and fire investment committee meet at 10am on Tuesdays. He informed the meeting that Mr. Wilshire will report a total return of 12.4%. again, this number is unaudited.
    4. Mr. Dostine noted that the September revenue estimating conference will be held on Friday, Sept. 11. The estimates at the conference will be used to begin building the FY28 budget. He informed the meeting that he will be attending and will report to the financial review commission at the September meeting. Copies of the conference report will be distributed to the commission.
  5. Old Business
    1. None
  6. New Business
    1. None
  7. City’s Financial Report for the 12 months ended June 30, 2026 – FYI Only
    1. staff from the OCFO’s office of the city of Detroit discussed the above-mentioned financial report and addressed questions from the commissioners.
  8. Public Comment  
    1. William Davis
  9. Next Meeting Date
    1. City Regular Meeting: Monday, September 28, 2026, at 1:00 p.m. using Microsoft Teams
  10. Adjournment
    1. Motion made by commissioner Rose and supported by commissioner Stoudemire to adjourn. Motion moved and supported; the commission approved the motion to adjourn.
    2. There being no further business, the meeting adjourned at 1. 32 p.m.

City of Detroit Resolution 2025-3

City’s request to approve the City’s request to issue $2 million in Installment Purchase

Roll Call Vote

  1. Dr. Barnwell — Yes
  2. Mr. Berry — Yes
  3. Mr. Blaszkiewicz — Yes
  4. Ms. Flood — Yes
  5. Mr. Rose — Yes
  6. Ms. Sheffield — Absent
  7. Mr. Smith — Yes
  8. Ms. Stoudemire — Yes
  9. Mr. Walsh — Absent

Signed by: Beverly C. Greaves
Beverly C. Greaves- Secretary