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Miami Declares Financial Urgency For Fourth Year In A Row (VIDEO)

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Miami City Manager Johnny Martinez declared a state of financial urgency Friday for the fourth year in a row.

The move gives the city commission authority to restructure its existing contracts with police, general employee, and fire unions.

City commissioners agreed to not hike taxes in a budget meeting Thursday night, but instead will look to close a budget gap of tens of millions through union concessions. The $485 million budget must be balanced by September.

"The unions are not cooperating with the process," Mayor Tomas Regalado told the Miami Herald. "We need to have a balanced budget."

Martinez said in a statement that the city will be contacting union representatives to start up two weeks of negotiations. The declaration of urgency has likely incensed police and fire officials; according to Reuters, the latter group argued before city officials Thursday night that their pay has been cut 35 percent in the last 3 years already.

This is a developing story.

Around the Web

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Miami to Declare 'Financial Urgency' in Union Dispute - US - CNBC

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UPDATE 3-Miami weighs 'financial urgency' to cut staff costs | Reuters