Thank goodness for clear, analytical minds like Houston City Controller candidate Bill Frazer. A lot of people are jumping for joy with the announcement of a “deal” between the City of Houston and the firefighters’ pension. Frazer says hold up.
Bill Frazer for Houston statement on Mayor’s Pension deal
Today, Candidate for City Controller Bill Frazer made the following statement regarding the Mayor’s backroom deal on the firefighters’ pension fund.
“Once again, Houston’s taxpayers have been left holding the bag while its pension issues get kicked down the road for another 3 years. The City Controller stands idly by while the Mayor, a candidate for Mayor and a candidate for City Controller craft a backroom deal based purely on political expediency.
While kicking the can down the road, the Mayor has borrowed another $77 million at “credit card interest rates”, leaving the taxpayers with more debt and no solutions. Houston deserves a higher standard.
This short-term pension agreement does nothing more but continue the cycle of Enron-type accounting that brings Houston one step closer to bankruptcy. Instead of creating a higher standard and true transparency, the Controller’s office has chosen to remain silent while the Mayor attempts to remove all local control of pensions and commit taxpayers to higher taxes to cover the past 12 years of budget shortfalls and fiscal mismanagement.
It’s time the taxpayers of Houston take back control of their City. I’m running for Controller to stop this madness. I’m the only candidate who is a CPA with executive financial management experience. As Controller, I will be a watchdog for Houston taxpayers and use my 35 years of experience to guide our City from making terrible financial decisions like this one, and to fiscal responsibility.”
Hopefully Houstonians will not be fooled by this agreement and will insist upon a legitimate solution to the problem.
All Republicans and conservatives should contact their state representatives to urge that this deal not be approved by the Legislature. This is a transparent attempt to render meaningless the upcoming November election at which time a mayor more willing to negotiate a true lasting solution could be elected. This suggests to me that the Turner camp is worried that this issue will bring out conservative voters and harm his chances for election to mayor. Kicking the can down the road three years is not a solution.
After real heavyweights like the City of Chicago, Cook County and their water district, the City of Houston is high on the list of municipalities with a large proportion of unfunded liabilities to tax revenues, higher than even the City of Detroit. Accordingly, Houston’s municipal finances must be reformed before dysfunction and bankruptcy can take effect.
Houston is the most dynamic city for business in the Americas, according to the Brookings Institution, and it deserves a more fiscally responsible city government.
Electing Bill Frazer as Houston City Controller will be part of this reform, making the city government worthy of the business dynamism of its metropolitan area.
Ok, but I am sure the Brookings institute is not the best source to quote from?