by Gabe Bullard
The second payment in a roughly 45 million dollar settlement between Metro Government and Louisville firefighters over miscalculated overtime is due at the end of this month. Tuesday, the Metro Council’s Budget Committee will review the options for making the payments.
The council will have to decide whether the second and third payments in the settlement will be financed with bonds—which accrue interest over time—or by tapping the city’s rainy day fund—which is used to maintain the city’s credit rating.
The council is unlikely to make a decision by the time the next payment is due, but mayor’s spokesperson Chad Carlton says the city can finance the payment after it’s made.
“We have enough money in our checking account to write the check for the next installment of this payment,” he says. “That money that’s in our checking account has to be replaced, in some way or another for us to make our bills, make our payments, meet our obligations.”
Budget Committee vice chair Kelly Downard says he doesn’t have a preference for financing the payments, but he hopes to have a plan through the council in a few weeks.