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Posts Tagged ‘pension obligation bonds’

Endorsement watch: The bonds

Endorsement season has officially begun. The key referendum, Proposition A, is a solution to Houston’s potentially disastrous pension problem. A complex deal ushered through the Texas Legislature by Mayor Sylvester Turner would reduce the $8.2 billion unfunded pension burden now carried by Houston taxpayers to $5.2 billion. Union leaders representing police officers and municipal employees […]

Lift Up Houston

Hey, you know there are bonds on the ballot, right? And Mayor Turner would like you to vote for them. Mayor Sylvester Turner spent much of his first year and a half keeping the civic conversation focused on winning legislative approval of his plan to end Houston’s spiraling pension crisis, and then, last May, achieved […]

No charter amendments on the fall ballot

Just bonds, school board and HCC races, and the mostly boring constitutional amendments. Oh, and Heights Alcohol 2.0, if you live there. Houston voters will face $1.5 billion in city bonds and nine community college or school board races this November, but will not be asked whether to give firefighters a pay raise or change […]

More on the firefighters’ pay parity proposal

Here’s that full Chron story I mentioned yesterday: Houston firefighters delivered over 32,000 signatures to City Hall on Monday in support of asking voters in November to mandate parity in pay between firefighter and police officer ranks, a maneuver that could threaten the city’s plans to sell $1 billion in bonds as part of its […]

Mayor will take revenue cap referendum off the 2017 ballot

Not gonna lie, I’m disappointed by this. Mayor Sylvester Turner abruptly reversed course Wednesday on his plan to ask voters to repeal Houston’s revenue cap this fall, saying it now is “unlikely” he will ask for its removal. The politically cautious move would leave the city fiscally shackled in the hope that a lighter November […]

Bonds on the ballot

Mayor Turner has one more item to deal with this November. Mayor Sylvester Turner is poised ask voters to approve bonds this fall to fund improvements to city parks, community centers, fire stations and health clinics, adding hundreds of millions of dollars in debt to a crowded November ballot. The proposed five-year capital improvement plan, […]

Do we really have to have a pension bond vote?

So as we know, the Houston pension reform bill that passed contains a provision that requires a vote on the pension obligation bonds that Mayor Turner intends to float as a down payment. Pension obligation bonds have been floated in the past, by Mayor White, without a vote, but for whatever the reason some members […]

On to the revenue cap

With one major accomplishment (basically) finished, Mayor Turner moves on to the next major challenge facing him. “This is the most consequential campaign of the mayor’s career,” University of Houston political scientist Brandon Rottinghaus said. “These things are more complicated and more politically fraught than either his mayoral campaign or the lobbying to get the […]

Houston pension reform bill passes

It’s done. The Texas House on Wednesday approved the controversial Senate version of a bill that aims to overhaul Houston’s failing pension funds — over the passionate objections of current and former firefighters. Senate Bill 2190, which passed in a 103-43 vote, now heads to Gov. Greg Abbott’s desk. But the months of rancor between […]

Mayor Turner’s second budget

It’s about what you’d expect. With pension reform in sight, Mayor Sylvester Turner on Tuesday proposed a combination of departmental cuts, one-time fixes, deferred payments and a dip into city reserves to close next year’s $123 million budget gap. Turner aims to erase the deficit with $51 million in spending cuts – largely from police […]

Revenue cap will be on the November ballot

Here it comes, assuming the pension reform bill doesn’t get mugged in a dark alley. Mayor Sylvester Turner plans to ask voters to lift Houston’s cap on property tax collections in November, a move that could loosen one of the city’s primary fiscal constraints as it confronts still-hefty pension and debt costs that leave little […]

Senate passes pension reform bill

Progress. Houston’s pension reform package passed the Texas Senate by a 25-5 margin Monday, as a possible political blockade dissolved to provide the landmark proposal a speedy passage. Mayor Sylvester Turner’s reforms now await a hearing in the state House on Saturday. “I believe this current version is our best chance at significant pension reform […]

Pension reform bill passes House committee

Two for two. Houston’s pension reform bill will now move to the floor of each legislative chamber after a Texas House committee joined its Senate counterparts in passing the measure 6-1 Wednesday. With Rep. Roberto Alonzo, D-Dallas, opposed, the pensions committee adopted House Bill 43, which will now head to a scheduling committee to be […]

Firefighters will oppose pension reform bill

So it goes. Hopes that Houston’s firefighter pension board might agree to a compromise set of benefit reforms and end their opposition to Mayor Sylvester Turner’s landmark reform package proved too optimistic, after the two sides passed a Thursday deadline without a deal. It remains unclear what effect counting the firefighters as confirmed foes will […]

Busy day in the Senate

They got stuff done, I’ll give them that. Whether it was stuff worth doing or not, I’ll leave to you. 1. Senate bill would let Houston voters weigh in on fix to pension crisis. The Senate on Wednesday voted 21-10 to give preliminary approval of a bill that would require voters to sign off before […]

House hearing for pension bill

Another step in the process. Houston’s pension reform plan got its first hearing Monday in the state House, where rows and rows of current and retired firefighters appeared to voice opposition to the plan. Municipal and police leaders testified in support, however, as did representatives of the Greater Houston Partnership and, of course, Mayor Sylvester […]

Pension reform bill passes Senate committee

A major step forward. Houston’s pension reform plan cleared a state Senate committee in its initial hearing at the Capitol on Monday, despite the fact that all those who testified – including Mayor Sylvester Turner – opposed at least some portion of the omnibus package. Retirees were concerned about benefit cuts. Some conservatives said the […]

No one ever said pension reform was going to be easy

The firefighters’ pension fund isn’t happy with the way things are going. The plan to reform the City of Houston’s pension system is running into opposition from the Houston Firefighters’ Relief and Retirement Fund (HFRRF). In a recent letter sent to its members, the HFRRF criticized Houston Mayor Sylvester Turner for ending the negotiations on […]

Some dude opposes pension reform

Presenting this in a slightly redacted form. [Some dude] has joined friend and ally Sen. Paul Bettencourt, R-Houston, in rallying opposition to [Mayor Sylvester] Turner’s [pension reform] proposal among conservatives. He has attended at least three dozen forums on the topic, by his count, and has been running social media ads touting his views on […]

We may be voting on pension obligation bonds

Oh, boy. A state lawmaker carrying Houston’s pension reform bill says her version of the proposal will require a public referendum on a $1 billion cash infusion central to the negotiations, an idea Mayor Sylvester Turner called a “poison pill” that could derail the reforms and force “massive” layoffs. The requirement that voters have a […]

Council ratifies Turner’s pension plan

From the inbox: On a 16-1 vote, Houston City Council has endorsed Mayor Sylvester Turner’s historic package of pension reforms. The vote clears the way for the City to move forward in partnership with the pension systems to seek legislative approval of the reforms. “I am bubbling over on the inside,” said Mayor Turner. “I […]

Pension deal approved by firefighters

It’s a big deal, though it’s hardly a done deal yet. For the first time ever, the Houston firefighters’ pension board agreed Monday to accept benefit cuts for current workers and retirees, potentially paving the way for a solution to a 15-year-old crisis that has threatened to bust budgets and weaken the city’s financial stability. […]

Pension deal takes a step forward

Not quite there yet, but getting close. Houston’s police and municipal pension boards have agreed to a landmark reform package produced over months of intensive negotiations at City Hall, and Mayor Sylvester Turner hopes the firefighters fund will follow suit with a vote Monday. The pending proposal, which puts Houston the closest it has come […]

Kinder Institute analyzes Mayor Turner’s pension reform plan

From the inbox: Rice University’s Kinder Institute has done the preliminary math on Mayor Sylvester Turner’s historic pension reform plan and determined the numbers appear to add up if all of the components are implemented as envisioned. The institute is one of several agencies to analyze the mayor’s proposal since it was unveiled last week. […]

More on the pension deal

The full version of the Chron story adds a lot of detail. Under the tentative deal, the funds would assume more realistic investment returns – 7 percent rather than 8 percent to 8.5 percent – and would recognize all recent market losses on their books at once. The city also would erase the plans’ underfunding […]

Mayor Turner announces pension fund deal

From the inbox: Negotiators for the City, the Houston Police Officers’ Pension System, the Houston Firefighters’ Relief and Retirement Fund and the Houston Municipal Employees Pension System have developed Preliminary Points of Understanding on a structural approach to long term, sustainable, defined benefit pension reform. Detailed formal plans continue to be developed and will need […]