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Detroit FRC City Meeting Minutes June 24, 2024

Detroit FRC City Meeting Minutes June 24, 2024

Detroit Financial Review Commission

REGULAR CITY MEETING

Monday, June 24, 2024, at 1:00 p.m.

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 8 Commission members eligible to vote were present. A quorum was present.
  3. Approval of proposed Minutes from the May 20, 2024, Regular City Meeting
    1. Motion made by commissioner Berry and supported by commissioner Rose to approve the draft minutes of the commission’s May 20, 2024, city meeting as presented. The commission unanimously approved the minutes as presented.
  4. Executive Director’s Report
    1. Patrick Dostine stated that based upon the city’s monthly financial report for the 10 months ending April 30, 2024, the city continues to remain in compliance with all statute relevant to the waiver status.
    2. Mr. Dostine informed the commission that the retiree protection fund (RPF) and the city’s general fund wired budgeted contributions into the legacy pension system on June 3. This was the first contribution into the system in 10 years. Mr. Dostine said it was a newsworthy event that did not get news coverage. Mr. Dostine added that the RPF is emblematic of strong fiscal management, strong governance performance, best-practice management of pension systems and, above all, commitment to the retirees. Lastly, Mr. Dostine recognized Commissioner Ron Rose and former CFO John Hill whom both were the genesis and creative thinking behind the RPF some eight years ago.
    3. Mr. Dostine also noted that the commission convenes today and is taking up for consideration the year-seven waiver for the city of Detroit. He stated that over the course of the sixth-waiver year, the city submitted reports required by statute and by FRC resolution 2018-13, Sec. 3. These reports and other data served to inform the Detroit Financial Review Commission on statutory requirements the city must satisfy while in waiver status. The city complied and remained in compliance with the requirements. In addition, the finance subcommittee was convened May 1st for the purposes of transparency and focused review of the city’s finances and operations over the course of the year and a long-term outlook. This subcommittee meeting advantaged commissioners with additional data and analyses and created opportunities for commissioners to engage with city staff about relevant financial and operational matters.
    4. He informed the meeting that Sec. 8 of Public Act 181 of 2014 sets forth the conditions that, if met, require the Financial Review Commission to adopt a resolution and grant a waiver, and stated that it is was his conclusion that the city of Detroit has satisfied all the requirements necessary for its seventh waiver.
  5. Old Business
    1. None
  6. New Business:
    1. City’s request to certify three deficit free budgets and compliance with Michigan Financial review Commission’s Act per MCL 141.1638 (g) (FRC Resolution 2024-2)
      1. Motion made by commissioner Flood and supported by commissioner Walsh to certify the City’s three deficit free budgets request and compliance with Michigan Financial Review Commission’s Act (FRC City Resolution 2024-2) as presented.Motion moved and supported. The Commission approved City Resolution 2024-2 as presented.
    2. City’s request to approve granting a waiver per MCL141.1638 (2) (FRC Resolution 2024-3)
      1. Motion made by commissioner Barnwell and supported by commissioner Blaszkiewicz to approve the City’s waiver request (FRC City Resolution 2024-3) as presented. Motion moved and supported. The Commission approved City Resolution 2024-3 as presented.
      2. The commissioners thanked the staff of the city of Detroit and Financial Review Commission for their hard work and dedication over the course of the past year for the city to be able to achieve the year-seven waiver.
    3. City’s Financial Report for the 10 months ended April 30, 2024
      1. FYI Only
      2. Staff from the OCFO’s office of the city of Detroit discussed the above-mentioned financial report and addressed questions from the commissioners.
  7. Public Comment
    1. Michelle George
  8. Next Meeting Date
    1. City Regular Meeting: Monday, July 29, 2024, at 1:00 p.m. using Microsoft Teams
  9. Adjournment
    1. Motion made by commissioner Rose and supported by commissioner Walsh to adjourn. Motion moved and supported; the commission approved the motion to adjourn.
    2. There being no further business, the meeting adjourned at 1.19 p.m.

Roll Call:

Members Present

  • Dr. J. Barnwell
  • Akim Berry
  • David Blaszkiewicz
  • Jen Flood
  • Jay Rising Ron Rose
  • Kevin A. Smith
  • John Walsh

Members Absent

  • Angelique Peterson-Mayberry
  • Mary Sheffield
  • Dr. N. Vitti