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October 26, 2026

October 26, 2026

Detroit Financial Review Commission

City of Detroit Regular Meeting

Monday, October 26, 2026, at 1:00 p.m.
Remotely Using Microsoft Teams

Minutes

  1. Call to Order
    1. Chairman, Kevin A. Smith called the meeting to order at 1:01 p.m.
  2. Roll Call
    1. Members Present – 7
      1. Dr. Barnwell
      2. Hakim Berry
      3. Jen Flood
      4. Ron Rose
      5. Kevin Smith
      6. Tanya Stoudemire
      7. John Walsh
    2. Members Absent –4
      1. David Blaszkiewicz
      2. Latrice McClendon
      3. James Tate
      4. Dr. Vitti (non-voting)
    3. Let the record show that seven (7) commission members were present. A quorum was present at this meeting.
  3. Approval of the Proposed Minutes of the September 28, 2026, Regular City Meeting
    1. Motion was made by commissioner Stoudemire and seconded by commissioner Barnwell to approve the draft minutes of the commission’s city meeting as presented. Motion moved and supported; the commission approved the minutes of the above city meeting as presented.
  4. Executive Director’s Report
    1. The meeting was informed that the city of Detroit remains in good standing with the financial review commission.
    2. After Reviewing the city’s monthly financial report through August 31, 2026, it remains in full compliance with all statue related to its waiver.
    3. Mr. Dostine also reported that the fiscal year 26 year-end audit is underway and is expected to be completed this December. One of things that will come from the audit are the pension systems’ funded ratios and the city’s actuarial determined contributions that will be budgeted in the FY28 budget. The funded ratios of the legacy plans should improve because systems’ assets performed comfortably above the 6.75% assumed rate of return. The general retirement system had a rate of return of approximately 13%, and police and fire had a rate of return of approximately 12.4% for fiscal year 26. The last audited financials on June 30th, 2025, the GRS legacy plan was 61.83% funded, and the PFRS legacy plan was 73.86% funded.
    4. He also stated that the city’s FY28 budget process is underway, and the Sept Revenue Estimating conference established preliminary baseline revenue data. Copies of the city’s revenue estimating report were distributed to the commissioners on Oct. 16., and the February conference will true-up those projections.
    5. He further reported that the OCFO’s budget office is holding its annual budget forums, four of them last week and three are scheduled for this week where the city seeks residents’ budget priorities for the 2028 budget. The FY28 budget which will be adopted in the spring of 2027, will be the last budget to run a full fiscal-year cycle under the financial review commission’s statutory responsibilities. In the summer of 2028, the city, presuming everything remains status quo, will be released from the financial review commission.
  5. City’s Monthly Financial Report for two months ended August 31, 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.
  6. Old Business
    1. None
  7. New Business
    1. None
  8. Public Comment
    1. Michelle George
    2. William Davis
  9. Next Meeting Date
    1. City Regular Meeting: Monday, November 16, 2026, at 1:00 p.m., using Microsoft Teams.
  10. Adjournment
    1. Motion made by commissioner Barnwell and supported by commissioner Berry to adjourn. The commission approved the motion to adjourn.
    2. There being no further business, the meeting adjourned at 1:22 p.m.