March 30, 2026

Detroit Financial Review Commission

CITY of DETROIT REGULAR MEETING

Monday, March 30, 2026, 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. Let the record show a quorum was present.
2. Approval of the Proposed Minutes of the February 23, 2026, Regular City Meeting
   1. Motion made by Commissioner Rose and supported by Commissioner Blaskiewicz to approve the minutes of the commission’s February 23, 2026, city meeting.  The commission approved the minutes as presented.
3. Executive Director’s Report
   1. Patrick Dostine, Executive Director, informed the meeting that in reviewing the City’s monthly report, ending January 31, 2026, 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 financial review commission is anticipating the city’s 10-year long-term forecast, which is due tomorrow. The February 2026 revenue estimating conference report was distributed to the commission this morning.  He further stated that Mayor Sheffield presented her FY ‘27 Budget and Four-Year Financial Plan to the City Council on March 9, and city council began its budget hearings on March 11.  The City is required to transmit an approved Four-Year Financial Plan to the financial review commission office by April 30.  He summarized the hearings briefly, noting that margins are thin, and there’s little room for maneuvering in recurring revenues. 
   3. General fund revenues were projected at the revenue conference in February to be essentially flat year-over-year from FY26 to FY27.  Revenues over expenditure for the current fiscal year are $2.2M as noted on page 5 in this month’s financial report.  Last year at this time, revenue over expenditure was $71.9M.  CFO Stoudemire noted last week, that to the extent there is available revenue for council priorities, there are one-time dollars in a blight remediation fund ($38.6M) and a capital fund ($39M). As of this morning, there are approximately $45 million in council changes recorded so far. This number comes from the Legislative Policy Division. Council is currently in executive session. Pursuant to statute, the financial review commission does not approve the budget. However, statute does require the administration and council to arrive at a balanced four-year financial plan which, among other things, must adequately fund the pension systems and sufficiently budget for all its debt obligations. 
   4. City council is slated to vote on a final budget by April 7, once approved, the city will transmit the approved, balanced Four-Year Financial Plan to the financial review commission by April 30.
   5. Mr. Dostine further reported that for the legacy pensions, Mayor Sheffield put $10M into the FY27 budget for a 13^th check to general employee and police and fire retirees. This will be the third 13^th check for retirees. At the police and fire board meeting this month, the pension investment officer reported that the retirement system’s portfolio was down 2.8%.
4. Old Business
   1.  None
5. City’s Financial Report for January 31, 2026 – FYI Only
   1. Deputy CFOs in the OCFO’s office, Donnie Johnson and Valerie Agolli gave an overview of above-mentioned financial report and addressed questions from the commissioners.
6. Public Comment
   1. William Davis
   2. Michelle George
7. Next Meeting Date
   1. City Regular Meeting: Monday, April 27, 2026, at 1:00 pm. using Microsoft Teams.
8. 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 1:28 p.m.

Roll Call

Members Present –7

• Dr. J. Barnwell
• David Blaskiewicz
• Jen Flood
• Ms. McClendon
• Ron Rose
• Kevin A. Smith
• Tanya Stoudemire

Members Absent –4

• Hakim Berry
• James Tate
• Dr. Nicholai Vitti (non-voting)
• John Walsh