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)

Committee

Budget, Finance and Audit Standing Committee

Introduced

November 4, 2016

On agenda

October 5, 2016

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