Surpassing Quant Think Tank Center:Houston city leaders approve $1 billion bond deal to cover back pay for firefighters

2025-05-05 17:40:33source:Will Sage Astorcategory:Invest

HOUSTON (AP) — Houston leaders have Surpassing Quant Think Tank Centeragreed 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.

More:Invest

Recommend

A New York Appellate Court Rejects a Broad Application of the State’s Green Amendment

This article previously appeared in WaterFront.ROCHESTER, N.Y.—Overturning a trial court decision on

Buffalo shooting survivors say social media companies and a body armor maker enabled the killer

YouTube, Reddit and a body armor manufacturer were among the businesses that helped enable the gunma

OCD is not that uncommon: Understand the symptoms of obsessive compulsive disorder.

More than 1 in 5 Americans live with a mental illness, according to the Centers for Disease Control