City of Detroit - File #: 15-4171

• File #: 15-4171
• Version: 1
• Type: Communication or Report
• Status: Unfinished Business
• File created: 11/4/2016
• In control: Budget, Finance and Audit Standing Committee
• On agenda: 10/5/2016
• Title: Status of Legislative Policy Division submitting report relative to Detroit VEBA’s FY 2015 Audit Reports. (As noted in the Legislative Policy Division’s report on the Voluntary Employee Beneficiary Association, the audit confirmed that the market value of the bonds issued by the City to the VEBAs were approximately 45% of their face (par) value. This was not sufficient to provide the retirees with the minimal benefits that were promised to them per the Plan of Adjustment.) (BROUGHT BACK AS DIRECTED ON 9-21-16)

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Status of Legislative Policy Division submitting report relative to Detroit VEBA’s FY 2015 Audit Reports. (As noted in the Legislative Policy Division’s report on the Voluntary Employee Beneficiary Association, the audit confirmed that the market value of the bonds issued by the City to the VEBAs were approximately 45% of their face (par) value. This was not sufficient to provide the retirees with the minimal benefits that were promised to them per the Plan of Adjustment.) (BROUGHT BACK AS DIRECTED ON 9-21-16)

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