Detroit Chief Financial Officer Jay Rising retired on April 1, ending a four-year run overseeing the city’s operating budget as the 2025-26 financial plan is being finalized.
Rising, a former cabinet secretary for Gov. Gretchen Whitmer, state treasurer and chief financial officer for the Detroit Medical Center, came out of retirement in 2021 to become acting CFO for Detroit. He is replaced by interim CFO Tanya Stoudemire, according to city spokesman John Roach, and Mayor Mike Duggan is recommending Stoudemire to take over the job permanently.
“Jay and Tanya both have been a huge part of Detroit’s financial turnaround. That includes our return to investment grade status, our 12 consecutive balanced budgets and the flawless way we have been able to spend our $826 million in ARPA (American Rescue Plan Act) funds, as well as our retiree protection fund and $550 million rainy day fund,” Duggan said in a Wednesday statement. “I am deeply grateful to Jay for his outstanding service, and Tanya is the perfect person to carry on the work they have done together.”
The City Council will vote to confirm the appointment at a later date. The Detroit Financial Review Commission requires a permanent CFO to be approved by City Council within six months of a vacancy opening. Rising and Stoudemire were not immediately available for comment on Wednesday.
Rising’s exit comes as Detroit is nearing the end of its 2025-26 budget process. This week, the City Council is holding executive session meetings to negotiate changes with the Duggan administration.
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The $3 billion budget proposal includes a one-time supplemental check for city retirees, additional funding for homeless services and public transportation, investments in freeway and alley cleanup, community violence intervention programs and demolition of blighted properties.
Rising previously said the city is on firm financial footing; this year marks the 12th consecutive balanced budget.
“Detroit today is fiscally stronger than it was in 2014 and ultimately, residents and neighborhoods are the true beneficiaries because of improved City services, job-creating economic development, and a growing tax base,” Rising said during the mayor’s budget presentation in February.
Rising said income tax revenue is growing as the Duggan administration fosters economic activity that creates higher paying jobs. He’s previously celebrated upgrades in the city’s investment grade credit rating.
Rising joined the city as it received federal COVID-19 relief dollars and helped craft the city’s spending plan.
Rising joined the law firm of Miller, Canfield, Paddock and Stone in 1991 and worked with the firm until 1998. Rising was appointed Michigan State Treasurer from 2003 to 2006, then he served as the vice president and chief financial officer with the Detroit Medical Center.