Detroit FRC City Meeting Minutes July 29, 2024

Detroit Financial Review Commission

CITY REGULAR MEETING

Monday, July 29, 2024, 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 1:00 p.m.
2. Roll Call
   1. Let the record show that seven (7) commission members were present. A quorum was present at this meeting.
3. Approval of the Proposed Minutes from the June 24, 2024, Regular City Meeting
   1. Motion made by commissioner Rose and seconded by commissioner Berry 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. Patrick Dostine, Executive Director, informed the meeting that in reviewing the city’s monthly report ending May 31, 2024, the city remains in good standing with the financial review commission, and is in compliance with all statute as it relates to the city’s waiver., He also stated that the city will be requesting authorization from the financial review commission to refinance approx. $100M in LTGO bonds, the balance of a $275M borrowing when exited bankruptcy. Budget, Finance & Audit sent the refinancing resolution to Formal Session w recommendation to approve. There is a net present value savings of approx. $2.5M with the refinancing and the pledged income tax will be replaced by pledged state revenue sharing.
5. City’s Monthly Financial Report for eleven months ended May 31, 2024 – 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. William Davis
   2. Michelle George
   3. Amanda Johnson
9. Next Meeting Date
   1. City Regular Meeting: Monday, August 26, 2024, at 1:00 p.m., using Microsoft Teams.
10. Adjournment
    1. Motion made by commissioner Rose and supported by commissioner Berry to adjourn. The commission approved the motion to adjourn.
    2. There being no further business, the meeting adjourned at 1:20 p.m.

Roll Call:

Members Present – 7

• Dr. Barnwell
• Hakim Berry
• David Blaszkiewicz
• Jen Flood
• Jay Rising
• Ron Rose
• Kevin Smith

Members Absent:

• Angelique Peterson-Mayberry(non-voting)
• Mary Sheffield
• Dr. Vitti (non-voting)
• John Walsh