HOUSTON (AP) — Houston leaders have agreed to a bond deal that might price town’s taxpayers greater than $1 billion to cowl years of again pay owed to firefighters.
Firefighters within the nation’s fourth-largest metropolis have labored with out a contract for seven years. A brand new settlement and a proposed 5-year labor settlement between town and their union has promised wage will increase of not less than 25% over the subsequent 5 years.
The bond deal permitted by Houston Metropolis Council on Wednesday would cowl about $650 million in retroactive pay for firefighters who’ve labored since 2017. The price of the bond, together with curiosity, might be as a lot as $1.3 billion over 25 to 30 years, relying on bond market worth modifications.
Three council members voted no on the bond deal, hoping to push it to a public vote in November, a transfer opposed by Mayor John Whitmire.
The council has not but permitted the settlement or the brand new labor settlement. Metropolis Controller Chris Hollins, Houston’s independently elected watchdog, has not licensed both of them, a wanted step earlier than the council can approve the particular monetary commitments wanted to tackle the debt.
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