Detroit's skyline reflects a prosperous financial future.
Jay Rising, Detroit’s Chief Financial Officer, has retired after four years of service marked by significant financial improvements for the city. His leadership culminated in the city achieving an investment-grade credit rating and maintaining balanced budgets. As Tanya Stoudemire steps in as interim CFO, Detroit looks to continue its financial progress and tackle community needs with robust funding plans for the upcoming budget. Rising’s departure comes at a pivotal moment for the city’s financial future.
In a heartfelt turn of events for the city of Detroit, Chief Financial Officer Jay Rising retired on April 1, wrapping up a notable four-year chapter dedicated to steering the city’s finances toward a brighter future. His departure comes at a crucial moment as the city prepares to finalize its ambitious financial plans for the upcoming 2025-26 period.
Jay Rising possibly had the most exciting portfolio one could imagine. Before diving into his role as Detroit’s CFO, he served as a cabinet secretary under Governor Gretchen Whitmer and was even the state treasurer. His knack for numbers also extended to the helm of the Detroit Medical Center as its Chief Financial Officer, demonstrating a proven track record in managing financial operations.
After a short retirement, Rising returned to public service in 2021, stepping up as the acting CFO for Detroit. Under his leadership, the city saw remarkable financial improvements, sparking optimism among residents and municipal leaders alike.
Now, as Rising hangs up his hat, the city welcomes Tanya Stoudemire as the interim CFO. Mayor Mike Duggan has put forth her name as the recommended permanent replacement, ensuring continuity in leadership during these pivotal financial times. In a city that has faced its share of economic challenges in recent history, both Rising and Stoudemire have been pivotal figures in what many describe as a remarkable financial resurgence.
During Rising’s tenure, the city accomplished a number of impressive feats—including achieving an investment-grade credit rating and maintaining 12 consecutive balanced budgets. This consistent fiscal discipline comes at a time when the utilization of $826 million in American Rescue Plan Act (ARPA) funds has positioned Detroit to tackle various community needs effectively.
Council members will soon cast votes to confirm Stoudemire’s role, and it’s worth noting that the Detroit Financial Review Commission mandates the City Council to approve a permanent CFO within six months following a vacancy. The city appears set for this necessary approval.
As Rising steps down, the City Council is in the midst of executive sessions working to negotiate changes to the proposed budget for 2025-26. The $3 billion proposal includes robust funding plans for a wide variety of initiatives. These initiatives range from offering one-time supplemental checks for city retirees, improving services for the homeless, enhancing public transportation, cleaning freeways and alleys, to addressing community violence and demolishing blighted properties.
Rising leaves behind a solid foundation, conveying that Detroit is on enviably stable financial footing. The city’s sustained growth in income tax revenues reflects the administration’s focus on spurring economic activities that translate into better job opportunities for its residents. Rising also pointed out the significant upgrades in the city’s credit rating—another feather in Detroit’s cap.
In his prior roles before diving into public service, Rising gathered extensive experience working with the law firm Miller, Canfield, Paddock and Stone, serving as Michigan State Treasurer from 2003 to 2006. This wealth of expertise undoubtedly played a pivotal role in navigating the complexities of Detroit’s financial landscape.
As Detroit moves forward, the appointment of Tanya Stoudemire as interim CFO comes at an opportune moment, allowing the city to continue addressing pressing community needs and initiatives while building upon the impressive groundwork laid during Rising’s leadership. Residents and city leaders alike can continue to look forward to a bright and financially sound future for Detroit.
Detroit Bids Farewell to CFO Jay Rising Amid Financial Transition
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