The mission of the Debt Management division is to provide analysis and accounting of debt instruments and investments and to continually review the financial markets and provide advice to management to maximize debt and investment positions.
- Assures the timely payments of all debt obligations.
- Ensures compliance with all terms, conditions and disclosures required by the legal documents governing the debt issuances and refunding of debt as appropriate.
- Analyzes current market trends and makes appropriate decisions on asset allocation, portfolio duration and best yield available to meet the City’s investment objectives.
- Prepares monthly reports reflecting a detailed summary analysis of all City investments including: the total of investments; a detailed summary analysis of investment by type and amount; an analysis of investment portfolio mix by type and amount, including liquidity, quality/risk of each security and similar information; and any analysis of the investment strategy, including near-term strategic plans and projects of investment activity.
- Determines City’s overall debt capacity and provides technical assistance on new financing programs.
- Coordinates the structuring and issuance of short- and long-term debt at appropriate intervals and in reasonable amounts that support approved capital expenditures.
- Manages and ensures the preparation of monthly reports reflecting a summary analysis of long-term and short-term borrowing, inclusive of debt in the current fiscal year and in successive fiscal years.
- Oversees arbitrage compliance of City bond issues.
- Coordinates with the Financial Services Branch to determine when to issue General Obligation Bonds, Special Revenue Bonds, or any other debt instruments, as needed.
David Massaron is the City's Acting Chief Financial Officer. In this role, he supervises all financial and budget activities of the City. Prior to being appointed Acting CFO, he served as the City’s Chief Operating Officer and Senior Counsel to the mayor since 2016. In that role, he was responsible for the preparation of the City’s annual budgets and supervision of capital spending and implementation. In his role as COO, Massaron led a team of departments that created an integrated road construction plan that culminated in $125 million in bond financing to revitalize 23 commercial corridors, in coordination with economic development efforts including to spur development along neighborhood main streets. Massaron was also the driving force behind the creation of the Detroit Promise Zone Authority, which enabled the City to capture the state tax growth in order to fund the Detroit Promise, which provides tuition-free college educations for Detroit high school graduates. Massaron is a graduate of James Madison College at Michigan State University and the William and Mary School of Law.
John Naglick is the Chief Deputy CFO/Finance Director for the City of Detroit, reporting to the Chief Financial Officer. In conjunction with this position at the City, he serves as a Board Member for the General Retirement System, Police and Fire Retirement System, Downtown Development Authority and the Detroit Transportation Corporation (operator of the Detroit People Mover). He is also an Adjunct Associate Professor at Walsh College where he has taught a number of classes over a span of six years. Prior to his current position, he was Finance Director for the City of Pontiac, Michigan from April, 2010 to October, 2013 and was a Director at AlixPartners LLP from 2007 to 2010. Mr. Naglick earned BBA and MBA degrees from the University of Detroit. He is a licensed CPA in the State of Michigan and earned the Certificate in Financial Forensics (CFF) from the American Institute of Certified Public Accountants.
Christa J. McLellan
Christa McLellan has worked in the municipal finance arena for over 20 years. She became a member of the City of Detroit team, as Treasurer, in January of 2017. Before joining the City, she served as the Deputy Treasurer of Financial Services for the Wayne County Treasurer’s Office and as the Director of Accounting and Financial Reporting for Wayne County. She has also worked as an auditor of public sector entities for both Rehmann and KPMG LLP. Her professional activities include serving on the boards of (either currently or in the past) the Police and Fire Retirement System for the City of Detroit, the Michigan Government Finance Officers Association, Michigan Women Finance, and the Wayne County Treasurer’s Association. Christa is a CPA and a Certified Fraud Examiner, and received her Bachelor of Business Administration from the University of New Mexico.