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Detroit CFO Jay Rising announces retirement after OCFO annual update
Summary
Chief Financial Officer Jay Rising announced he will retire at month'end as his office reported improved bond ratings, consistent audits, a balanced budget and priorities for FY26 including UltiPro implementation and continued ARPA spending oversight.
Jay Rising, Detroit chief financial officer, told City Council he will retire at the end of the month after delivering the Office of the Chief Financial Officer's annual update.
Rising and OCFO staff summarized a string of finance milestones since bankruptcy: two-notch bond upgrades from Moody's and S&P, seven consecutive timely annual comprehensive financial report (ACFR) completions, a tenth consecutive surplus, and a balanced budget for the most recent year. OCFO officials said the office consolidated payroll, banking, procurement and investment functions after bankruptcy to strengthen controls and reduce fraud risk.
"We have to certify at the end of the budget process that the budget adopted by council actually is balanced," Rising said, describing the OCFO's statutory certification role and its evolution since bankruptcy.
Chief deputy CFO Tanya Stoudemire reviewed operational outcomes and FY26 priorities. Stoudemire said the city has obligated ARPA funding by the federal deadline of Dec. 31, 2024, has spent 64% of ARPA allocations to date and must spend remaining ARPA monies by Dec. 31, 2026. She said the…
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