City Bureau of Police and the Fraternal Order of Police Lodge 29 have reached agreement on a new contract, according to police sources and Mayor Gabriel J. Campana.
Campana said Tuesday that there were changes in the police pensions and other concessions that can save the city money.
The mayor initially said he would hold a news conference about the agreement today, but late Tuesday afternoon he announced the news briefing had been canceled.
The previous police contract expired Dec. 31.
City police Chief Gregory A. Foresman said the agreement, which City Council has yet to approve, means the city won't have to go into arbitration and that could save an estimated $100,000.
"It will save a significant amount of money from preparation to actual arbitration and follow up," agreed William E. Nichols Jr., city finance director.
Police union representatives have yet to comment on the agreement and say they want to wait until council reviews the agreement at its Jan. 24 meeting.