How about some magic beans?

The North Las Vegas City Council on Monday approved a set of contract concessions offered by the Police Supervisors Union, which council members assert will save the city about $3.9 million over the next four years.

The 57-member supervisors union, which represents sergeants and lieutenants, agreed to give up its cost-of-living raises — 4.25 percent had been promised for July 1 with an additional 2.5 percent raise for January — through early 2014.Net savings during fiscal 2012 should be $378,000, said city officials, who are trying to cover a $4.4 million shortfall in the city’s 2012 budget.

Really?

In exchange for the modest concessions, which don’t cut anyone’s pay, city officials agreed to pay union members who have at least 10 years’ seniority a full 100 percent of their accrued sick leave upon their departure from the city — instead of the 60 percent previously paid.

Union members also will receive 40 hours of additional annual leave, which they must use within a year. The city also agreed to rescind the recent demotions of two corrections lieutenants and two sergeants and promised not to privatize the city jail through at least June 30, 2015.

Members of the North Las Vegas police supervisors union currently average $147,700 a year in salary, plus $72,600 in benefits. Mayor Shari Buck said the agreement is the best the city can do at this point.

Because otherwise the flying monkeys won’t bring back Toto? Are these people living in a fairy tale? The governor of Nevada doesn’t make $147,700 a year, for heaven’s sake.

No one wants to see the families of police officers doing without shoes, or a department making do without radios. But just the benefits package of these officers — $72,600 a year — is twice what the average Nevada taxpayer lives on.

And most of these cops don’t even live in the town that’s paying them.

$147,700 is nearly twice the national average for a police supervisor ($75,490, federal Bureau of Labor Statistics).

So the city signed a wacky, multi-year contract that could have been dreamed up by the indicted millionaire mayor of infamous Bell, Calif., a contract that contains no “outs,” no safety clauses, no re-negotiation clause should tax revenues fall through the basement (as they have). And then, to win some minor concessions on cost-of-living raises (other raises will continue, rest assured), they throw away their option to study privatizing the jail — one of the few places left where they might find some real savings?

You won’t believe the deal we have to offer the North Las Vegas City Council on a handful of magic beans.