Current:Home > ScamsBurley Garcia|Houston city leaders approve $1 billion bond deal to cover back pay for firefighters -MoneyFlow Academy
Burley Garcia|Houston city leaders approve $1 billion bond deal to cover back pay for firefighters
Rekubit View
Date:2025-04-08 10:44:50
HOUSTON (AP) — Houston leaders have Burley Garciaagreed to a bond deal that could cost the city’s taxpayers more than $1 billion to cover years of back pay owed to firefighters.
Firefighters in the nation’s fourth-largest city have worked without a contract for seven years. A new settlement and a proposed 5-year labor agreement between the city and their union has promised salary increases of at least 25% over the next five years.
The bond deal approved by Houston City Council on Wednesday would cover about $650 million in retroactive pay for firefighters who have worked since 2017. The cost of the bond, including interest, could be as much as $1.3 billion over 25 to 30 years, depending on bond market price changes.
Three council members voted no on the bond deal, hoping to push it to a public vote in November, a move opposed by Mayor John Whitmire.
The council has not yet approved the settlement or the new labor agreement. City Controller Chris Hollins, Houston’s independently elected watchdog, has not certified either of them, a needed step before the council can approve the specific financial commitments needed to take on the debt.
veryGood! (57646)
Related
- Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
- Contract between Puerto Rico’s government and coal-fired plant operator leaves residents in the dark
- Before dying, she made a fund to cancel others' medical debt — nearly $70m worth
- Taylor Swift Subtly Supports Travis Kelce’s Record-Breaking Milestone
- NHL in ASL returns, delivering American Sign Language analysis for Deaf community at Winter Classic
- Barstool Sports’ Dave Portnoy Slams Rumors He’s Dating VPR Alum Raquel Leviss
- The Excerpt podcast: American child among hostages freed Sunday during cease-fire
- NFL playoff picture after Week 12: Ravens keep AFC's top seed – but maybe not for long
- Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
- Beijing police investigate major Chinese shadow bank Zhongzhi after it says it’s insolvent
Ranking
- Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor
- Paris Hilton Details “Beautiful” New Chapter After Welcoming Baby No. 2 With Carter Reum
- Selena Gomez Debuts Blonde Highlights in Rare Hair Transformation
- Roommates sue Maryland county over death of pet dog shot by police
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- As Trump’s fraud trial eyes his sweeping financial reports, executive says they’re not done anymore
- Tom Brady Shares Glimpse of Tropical Vacation With His and Gisele Bündchen's Kids
- Schools in Portland, Oregon, and teachers union reach tentative deal after nearly month-long strike
Recommendation
Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
Bills players get into altercation with Eagles fans, LB Shaq Lawson appears to shove one
Celebrities, politicians among those named in sex abuse suits filed under NY’s Adult Survivors Act
Jean Knight, Grammy-nominated singer of 'Mr. Big Stuff,' dies at 80: 'Iconic soulstress'
Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
Live updates | Israel and Hamas prepare for fourth swap as mediators seek to extend cease-fire
Jennifer Lawrence Reacts to Plastic Surgery Speculation
'Today, your son is my son': A doctor's words offer comfort before surgery