On Thursday the Metro Council will vote on a 45 million dollar settlement with firefighters over miscalculated overtime.
The resolution is expected to pass, and would give the firefighters the first third of the settlement next month. The remaining 30 million dollars would be paid in two installments next year, but there’s still no final agreement on the source of that money.
Administration officials want to issue bonds to pay the firefighters. Some council members would rather dip into the city’s 65 million dollar rainy day fund, but the mayor’s office says that would damage the city’s credit rating. Councilman Hal Heiner says the council’s budget committee will take up the issue next year.
“The council is hoping to hear in January from one or more bond rating agencies on what level of reserve Louisville needs to hold, needs to maintain, in order to still have favorable interest rates in the future,” he says.
The second payment to firefighters would be due in March.