Off the Kuff Rotating Header Image

Posts Tagged ‘pension fund’

No bonds this year

Maybe next year. Mayor Sylvester Turner likely will not ask voters to approve bonds this November to replace the nearly depleted debt residents approved in 2012, a move that may delay several projects. […] Having addressed a $160 million shortfall with the unanimous passage of his first budget last month, Turner said he now is […]

Pension progress report

Our favorite subject, back in the news. Mayor Sylvester Turner and the leaders of the city’s three pension boards made clear to a visiting group of state lawmakers on Monday that they agree a fix to the city’s growing pension burden must be found, perhaps by the mayor’s deadline of year’s end. The state House […]

Council unanimously passes Turner’s first budget

Good job. Mayor Sylvester Turner achieved his goal of securing unanimous passage of his first general fund budget Wednesday morning, a month ahead of the typical schedule and after an unusually brief and uncontentious discussion of council members’ proposed changes. The $2.3 billion general fund budget, which pays for most basic city services with revenues […]

So far, so good for Mayor Turner

That’s the general consensus of his first four-plus months in office. Faced with a $160 million budget shortfall that would leave some wringing their hands until deadline day, Mayor Sylvester Turner presented his plan a month ahead of schedule. The proposal being reviewed by City Council includes a few one-off gimmicks, by Turner’s own admission, […]

Mayor Turner delivers State of the City 2016

Here’s the press release. Flooding, pensions, City finances and public safety were front and center as Mayor Sylvester Turner delivered his first State of the City before the Greater Houston Partnership. In a major move designed to produce tangible results and instill confidence among residents, the mayor announced the selection of Stephen Costello to fill […]

Turner announces his budget

From the inbox: Utilizing a shared sacrifice approach, Mayor Sylvester Turner today unveiled a proposed Fiscal Year 2017 General Fund budget that eliminates a projected $160 million shortfall that was the result of cost increases, voter imposed revenue limitations, a broken appraisal system and the economic downturn. The budget totals $2.3 billion, which is about […]

Mayor Turner releases transition team report

From the inbox, a glimpse of what to expect in the near to medium future from Mayor Turner. Mayor Sylvester Turner has released a 17-page report that details the work of his transition team chaired by businessman and long-time civic advisor David Mincberg. More than 250 Houstonians from all walks of life participated. They have […]

Prepping for the city budget

Mayor Turner gives a brief preview of what is to come. Mayor Sylvester Turner said Friday that he expects to lay off 40 city employees and eliminate 54 vacant positions as he seeks to close a budget shortfall of as much as $160 million, his first public estimate of the personnel reductions required to balance […]

Layoffs are coming

It’s gonna suck, though hopefully not as hard as last time. Mayor Sylvester Turner said Wednesday that a still undetermined number of city employees will be laid off in the coming months, making his first formal acknowledgment that Houston’s projected $126 million budget gap can’t be closed by July without personnel reductions. Though Turner did […]

Chron analysis of how Turner won

I suppose it’s a bit simplistic to say “he got more votes than the other guy”, but one way or the other that’s what happened. Sylvester Turner’s 24-year quest for the mayor’s office was realized by a narrow margin Saturday night, driven by overwhelming support from black voters and a robust effort to push supporters […]

Overview of the Controller runoff

It’s another one of those partisan races. Sorry, non-partisans. Though the job lacks policy-making authority, the race to become Houston’s next chief financial officer has developed into a partisan proxy war over how to correct Houston’s fiscal course. In the shadow of the first open-seat mayor’s race in six years, Republicans have lined up behind […]

Endorsement watch: Going for Turner

The Chronicle endorses Sylvester Turner for Mayor. Because there is no perfect candidate on the ballot, voters should look for someone who has the talents best suited to fixing the problems that currently threaten Houston’s long-term success: Sylvester Turner. For the past six years, Houston has been well led by Annise Parker’s competent hand. But […]

Finally, some coverage on the pension issue

I kid, I kid. Like it or not, HERO or not, it’s what this race has been about. The top candidates for Houston mayor are talking far more about the city’s growing cost of retiree benefits than voters are, which is, in some ways, a testament to the profound challenge presented by the city’s pension […]

Yet another report on pensions

Yippie. Some city leaders have spent years standing in the town square, hollering themselves hoarse that Houston’s financial footing is unstable, that huge pension costs threaten the city’s future ability to police the streets, pick up trash and maintain parks. In recent weeks, they’ve been joined by two others with bullhorns: The Greater Houston Partnership […]

Circling back to city finances

I have three things to say about this. This time, [City Finance Director Kelly] Dowe insists, the $126 million deficit he projects for the budget year that starts next summer is not going to disappear, as past projected shortfalls have. There are no more payments to defer, he says, no more valuable city-owned land to […]

Mayoral candidate forum season is underway

They talk about the arts. Houston’s mayoral candidates were full of praise for the city’s arts scene Wednesday, when they appeared at a forum together for the first time, though most said they would not support raising taxes or allocating new city funds to support arts and culture. The forum hosted by four city arts […]

Endorsement watch: Firefighters for Turner

From the inbox: HOUSTON, March 23, 2015 – State Rep. Sylvester Turner has earned the endorsement of the Houston Professional Fire Fighters Association in this year’s mayoral race, the HPFFA said today. HPFFA President Alvin W. White, Jr. said 84 percent of voting fire fighters approved the recommendation of the HPFFA board of directors to […]

The Memphis pension cutting experience

In discussions about Houston’s pension liabilities, the city of Detroit is often trotted out as an analogy and cautionary tale. There’s another city that may be a more accurate comparison, and it’s offering an illustration right now of what might happen if things proceed as many candidates for local office and the Houston Chronicle would […]

Police officers’ pension fund speaks up

The firefighters’ pension fund is the one that gets all the attention, but it’s not the only one the city is responsible for. The Houston Police Officers Pension System (HPOPS) has sent a letter to the city reminding it that they have a deal that restricts what the city can request from the Legislature. Police […]

Council’s pension meeting

It was about what you’d expect. Many City Council members who attended a special meeting Friday to discuss Mayor Annise Parker’s controversial deal with the city’s firefighters pension called the gathering a success, despite two members walking out and breaking a quorum before a vote could be held to support or oppose the agreement. The […]

Council meeting called to discuss firefighter pension deal

Some Council members are determined to discuss the deal Mayor Parker made with the firefighters’ pension fund. Four City Council members have taken advantage of a rarely used provision in city law to call a special meeting Friday to discuss Mayor Annise Parker’s controversial deal with the city’s firefighter pension board that was announced last […]

Costello makes his official entry

That makes him number five of some as yet unknown number to make that announcement. Houston City Councilman Stephen Costello pitched himself Monday as a no-frills, no-nonsense politician who would address the city’s problems like the engineer he is if voters elect him mayor this fall. Costello, a wonky at-large councilman who chairs the body’s […]

The pension deal

Not sure yet how I feel about this. Mayor Annise Parker and Houston’s firefighter pension trustees have reached a deal that would lower the city’s payments for three years, a move that would mark an abrupt reversal for the mayor. The announcement came late Thursday from the fire pension board, whose leaders for years have […]

King makes his official entry

Add Bill King to the “made his official announcement” list. In the middle of a noisy, torn-up west Houston street that he said epitomized Houston’s crumbling roads, Bill King launched his campaign for mayor Monday morning, pledging to return the city “back to basics.” King, a former Houston Chronicle columnist and a mayor of Kemah, […]

2015 Mayoral manifesto: Public safety

Preliminaries Transportation When I first started thinking about this series a couple of months ago, this section was all going to be about the budget. We’ve covered this ground before – public safety is about 65% of the total city budget, yet it’s always “off limits” for consideration when there are shortfalls. It’s always the […]

Appeals court reverses ruling about pension retiree information

So much for that. A state district court’s 2013 ruling that Houston’s fire pension board must turn over detailed information on its retirees to help city officials better project future pension bills has been overturned on appeal. Justices with the 1st Court of Appeals issued the opinion Tuesday, arguing that, in essence, state law protects […]

Don’t look for a meet-and-confer bill in the Lege this year

Buried in this story about the city and the county preparing to play defense during the legislative session is this update on the state of relations between the city and the firefighters. In her first two sessions, Houston Mayor Annise Parker failed to gain traction with legislation that would grant the city meet-and-confer powers that […]

Firefighter pension board makes an offer to the city

This was unexpected. The trustees of Houston’s firefighter pension, who for years have fought the mere mention of changes to benefits as Houston’s enormous pension burden has continued to grow, now are shopping a compromise proposal. Fire pension leaders say they simply are trying to save the city money as it approaches several years of […]

Parker proposes new firefighter pension plan

We’ll see about this. With the city of Houston facing huge and rising pension costs, Mayor Annise Parker on Thursday unveiled a proposal to put new firefighters in a separate, less generous plan that would do away with expensive automatic cost-of-living adjustments. The move would not affect current firefighters covered by the Houston Firefighters Relief […]

Council votes to sue over bad pension projections

Game on. Houston City Council on Wednesday paved the way for city attorneys to sue an actuarial firm the city claims gave inaccurate pension estimates that spurred costly changes to firefighters’ retirement benefits in 2001. […] Houston’s contribution rate to the fire pension skyrocketed soon after the changes were approved, despite an actuarial report from […]

Another pension-related lawsuit coming?

Here’s a little blast from the past. The city of Houston may sue a company whose advice it relied upon in making changes to firefighters’ retirement benefits in 2001, saying the firm’s inaccurate predictions left the city on the hook for pensions it cannot afford. Houston’s contribution rate to the firefighters pension skyrocketed soon after […]

Firefighters union rejects contract deal

Oops. The contract rejected Tuesday by 93 percent of the roughly 2,900 firefighters voting would have taken a similar approach, granting a pay raise in exchange for concessions on members’ ability to take leave. With the no vote, as of July 1 members of Houston Professional Fire Fighters Association Local 341 enter an “evergreen” period […]

City reaches contract agreement with firefighters

Give a little, get a little. Houston firefighters would give up some of their ability to schedule time off in return for a pay hike under a tentative new labor contract that city officials hope will enable them to rein in overtime costs that threatened to bust the fire department’s budget this year. The City […]

We’ve got some budget challenges coming

Some chickens are coming home to roost. Beginning next summer with fiscal year 2016, Houston will face a projected $142 million gap between expected revenues and expenses in its general fund, which is fed chiefly by property and sales taxes and funds most basic city services. That exceeds the $137 million budget gap Houston had […]