"Dallas is becoming a true financial services hub for this country," Johnson said. "We have just eclipsed New York City for the percentage of our residents who are employees in financial services. That's incredible."

Johnson and Tolbert spoke with CBS News Texas Tuesday morning at City Hall. 

The mayor credited the visit to New York that he, Tolbert, and members of the city's business community took earlier this year, in which they met with Morgan Stanley. 

"We had several meetings over a couple of days, and people were struck by the fact that we had so many leaders from our local business community and civic institutions, arts institutions, who on their own dime and with their own time, decided to go to New York to represent their city, to make a pitch for their city," said Johnson. "They said they had never really seen that before."

Gov. Greg Abbott announced the deal Monday and extended a Texas Enterprise Fund grant of more than $43 million to Morgan Stanley. The Dallas City Council had previously approved $18.5 million in incentives to Morgan Stanley. Dallas beat Alpharetta, Georgia for the hub. 

Tolbert said she believed the incentives are taxpayer money well spent. 

"I think that we are in a very competitive market when we think about what's happening around the country and what that means is we've got to show up and be ready to compete," said Tolbert. "I think when you look at other cities, whether it's the way they work with their state government, this is truly a partnership with the state of Texas. I think more of that is what's going to be needed if we're truly, truly going to compete and compete globally. If our business sector is growing, that brings down the overall reliance we have on our residential tax base."

During the last 18 months, Tolbert said the city has had $300 million in economic development incentives unlock $1.76 billion in private investment, for 6,800 jobs and 1,900 new housing units. Forty percent of that, she said, is in what she called high poverty areas of the city.

The future of City Hall

The joint interview comes as the city manager and her staff, the mayor and city council, consider what to do about the iconic city hall designed by renowned architect I.M. Pei. 

Tolbert previously said she had hoped to report to the council by the end of August on which potential buildings downtown could serve as a new city hall, if the council decides to move from the current building. Tolbert told CBS News Texas she will need about two months to come up with recommendations. 

She said she had to focus on the new fiscal year 2027 budget beginning Oct. 1. 

"Now that this is across the finish line, we will be getting back to that additional due diligence I know that council wanted us to do in order to come back and present the side-by-side analysis that will clearly show what might be the financial opportunities for what we look at, what we can save our taxpayers, and that will be what's coming," she said. "So, in the next, I would say 60 days or so, we hope to come back and bring that analysis to the city council."

Estimates to repair City Hall have ranged from $500 to $600 million. 

Various city council members believe it will cost the city and its taxpayers less to move out of the current location and move to another building than to stay and make repairs and bring the building up to modern standards. 

"I don't think a majority of this council, in fact, I know a majority of this council doesn't think that putting the amount of money it would take to take this building to current, modern city hall standards, is a wise investment of the taxpayers' money," said Tolbert. "I see this as a tremendous opportunity for our city to have a win-win-win, and I'm not willing to mess that decision up by rushing it. I think there is a majority of the council who will agree."

Last week, various city leaders, including former Mayor Laura Miller, announced a new effort to take this issue directly to the voters for a referendum next May. At least 20,000 signatures are needed to get it on the ballot.

Johnson indicated he opposes that. 

"I'm a policy guy, and I have thoughts about governing through a referendum, to be honest with you," Johnson said. "I believe in a functioning democracy. When you elect representatives, you're electing them to exercise their judgment on behalf of the people, and that's what we have a mayor and city council to do. I think we need to do our jobs, and I think we have up to this point, and I think we've been very diligent, very careful getting expert opinions and information about this building. We're in the process of getting other options, and I think we should be able to do the jobs we were elected to do."

Police and fire meet, confer

The current contract between the city and police and fire associations expires Wednesday, Sept. 30. The new budget year begins Oct. 1, and when city council members approved the spending plan on Sept. 16, Tolbert said it included money for market pay and step increases.

When asked if the city is close to striking a new deal or if the city is at an impasse, Tolbert expressed optimism.  

"I believe that we will get close to, even if it's just a one-year or two-year agreement, I think we will get there," she said. "I think there is a willingness to make sure the current members of both the fire department and the police department, those step increases are important, and so, when our new fiscal year begins Oct. 1, many of those current officers, if that agreement is not in place, then their step increases are just on hold. So, I do believe over the next few days, we will be working alongside the associations to hopefully move that agreement forward. So, I'm positive that it will happen."

Tolbert said even though there is work still to be done, she doesn't think both sides are far apart. She said when it comes to recruitment, the city surpassed its goal during the current year. 

"The goal was to hire 350 officers, and I do believe we already exceeded that number, so we will end this current fiscal year above that hiring goal. I believe we will go into fiscal 2027 and exceed the goal again. We'll probably have somewhere around 400."

According to the Dallas Police Department, as of Sept.29, it has hired 378 recruits during the current fiscal year. The number of sworn officers is 3,451.

Watch the full interview below:

Watch Eye On Politics at 7:30 Sunday morning on CBS News Texas on air and streaming

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