The Metropolitan Council convened recently to discuss two significant business items, both aimed at enhancing financial stewardship and labor relations within the organization.

The first item, labeled 2024 209, involved the early redemption of two outstanding general obligation transit bonds, specifically the General Obligation Transit Capital and Refunding Bonds Series 2012 C and H. The council's financial advisor recommended this move, which is expected to save approximately $1.5 million in future interest costs. The bonds, totaling $12.93 million in outstanding maturities, will be paid off by October 1, 2024, using funds from the existing transit debt service fund balance. The motion to adopt resolution 2020 416 for this redemption was unanimously supported by council members after a brief discussion highlighting the importance of managing financial resources effectively.

The second item, 2024 225, addressed a new labor agreement with the International Association of Machinists and Aerospace Workers District Lodge number 77. This agreement, which covers approximately 55 employees involved in maintenance and fabrication work, was ratified by the union's membership on August 12, 2024. The three-year contract, effective from January 1, 2024, to December 31, 2026, includes a structured wage increase of 5.5% in the first year, followed by 4.5% and 3% in the subsequent years, along with potential performance pay increases. The council confirmed that the terms of this agreement align with those established with other labor unions and fall within the financial parameters set by the council.

Both items reflect the council's commitment to prudent financial management and fostering positive labor relations, ensuring that it remains responsive to the needs of its employees while maintaining fiscal responsibility.