Mayor Jerry Abramson today proposed a plan to pay the $45 million firefighter overtime pay settlement with cash and bonded debt (borrowing).
From the press release:
In an ordinance submitted to the Metro Council today, the mayor proposes making the first of three payments — due Dec. 1 — using $15.8 million in cash. That figure includes $14.3 million directly to firefighters and $1.5 million for plaintiffs’ attorney fees.
The cash payment will come from a reserve account established earlier for this potential liability.
The other two payments — $14.3 million on March 31, 2010 and $14.9 million on July 15, 2010 — would be covered by the city selling bonds.
Will Metro Council approve the plan?
5 responses so far ↓
1 EdenSprings // Nov 2, 2009 at 2:00 pm
What a schmuck! If he’d paid up on the first go-round, the total bill wouldn’t have been the size of Nicaragua’s national debt and we’d have been able to pay it years ago when we were all fat, happy and had some cash.
Thanks, Jerry. I think when they put up an equestrian statue in your honor, it should only feature the part of the horse that most resembles your mayoral skills…
2 Gilbert Albans // Nov 2, 2009 at 2:12 pm
Edensprings, I have been laughing so hard I couldn’t type for atleast two minutes…
3 EdenSprings // Nov 3, 2009 at 7:48 am
Gil: I’m glad somebody’s getting enjoyment out of that sorry situation. I feel most bad for the firefighters and this morning’s C-J article which spins HRH the Lord Mayor of the ‘Ville as Santa to the Firefighter’s Xmas (take that, Williams!) made my blood boil. Last I saw, there were 10 comments–all negative–on C-J’s online version of the story.
4 Mark H (Not Hebert) // Nov 3, 2009 at 8:10 am
Poor Jerry has had toe deal with all kinds of budgetary issues after his library tax didn’t pass.
If the “have been planning on this” then why are we now borrowing the money to pay them?
The library tax was going to be the silver bullet to cure all the Mayor For Life’s ills. Hence the reason there was no moonlight provision in the bill after the library improvements were made. Jerry candy-coated the city’s budget up until the bill was shot down. Come on…..who could vote against libraries?
5 Mark H (Not Hebert) // Nov 3, 2009 at 9:20 am
The would be sunset provision. I hate having no editing feature
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