Daily Record Financial News &
Similar budgets, different tones
Special to the Daily Record
Tuesday, July 19, 2016
Vol. 103, No. 177 • One Section
Mayor Lenny Curry presented his 2016-17 budget Monday morning.
Optimism replaced with urgency in Curry’s budget
By David Chapman Staff Writer Mayor Lenny Curry’s budget proposal came in relatively flat year-over-year. Last year, it was a little more than $1 billion. This year, just a little more than that. The biggest difference might have been the tone and substance. In his first weeks of office in July 2015, Curry laid out a spending plan with optimism,
a rallying cry of “One City, One Jacksonville” and enthusiasm for a budget “that is all about action.” “Love will transform this city,” he said at the time. On Monday, Curry’s presentation was steeped in a barebones mentality caused by the pressure of escalating pension payments. It isn’t love that will transform this city this time. It’s an Aug. 30 referendum that could extend a half-cent sales tax to
be used to pay down pension debt — the loudest rallying cry by the mayor in recent months. Whatever the outcome of that vote, it won’t have much of an impact in the 2016-17 spending plan. Sure, there’s $3.5 million Curry is setting aside for future pension payments should the ballot measure not succeed. But any financial relief, as much as $40 million annually, is for another year. Instead, in a fiscal year that’s
in pension limbo, Curry said he was forced to say no — a lot. No for incentivizing Downtown projects like the Laura Street Trio, the Shipyards and Berkman II. No for extra fire stations and 120 more fire department personnel. No to restoring 13,000 previously cut library hours. No for above-minimum road resurfacing and sidewalk repairs. Budget continued on Page A-3
Tough day for Hemming group Friends hopes council will budget $500,000 for next year
By Marilyn Young Editor Talk about a case of the Mondays. It was a double dose for Friends of Hemming Park. First came the news that Mayor Lenny Curry’s budget for 2016-17 included only half of the $500,000 the nonprofit was seeking. Then came a City Council committee meeting where the Friends again were hammered for how it has spent $1 million in taxpayer dollars. The latter came in the Neighborhood, Community Investments & Services Committee where the results of the council auditor’s examination of the nonprofit were shared. It mirrored a July 11 Daily Record story that chronicled the Friends’ financial struggles since it began managing the Downtown park in September 2014. More than $9,400 in meals, including $1,500 for staff events. Almost $1,000 to build a stage for a 45-minute news conference. Over $1,500 for office snacks. A 3.5 percent raise and $1,500 bonus in December for the struggling group’s CEO. Committee member Joyce Morgan asked if the Friends could have meetings at the office instead of over meals. “You can’t do this when city services are being reduced,” she said.
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Deal ends one patent battle ParkerVision stock soars after agreement with Samsung
By Mark Basch Contributing Writer ParkerVision Inc.’s stock soared higher Monday after the Jacksonville-based technology company announced an agreement with Samsung Electronics Co. Ltd. to license ParkerVision’s patent portfolio. Terms of the settlement are confidential but the one securities analyst who has been following ParkerVision, Jon Hickman of Ladenburg Thalman, said the agreement is significant because it represents validation of the company’s wireless technology by a major manufacturer. ParkerVision says its technology improves the performance of wireless devices. “I don’t think there’s any way to overstate how important this is to them,” Hickman said. Samsung is one of several major manufacturers that have been sued by ParkerVision in recent years on claims they have been illegally using wireless technology patented by ParkerVision. Because of the agreement, ParkerVision is dismissing pending claims against Samsung in a U.S. International Trade Commission investigation and two U.S. District Court cases. ParkerVision gave no other details of the licensing agreement and said the two companies agreed to not disclose financial terms. continued on
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PetSmart plans to open store in Mandarin South
Friends of Hemming Park hope City Council will budget $500,000 in the 2016-17 budget.
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By Karen Brune Mathis Managing Editor
The report included a 13-page attachment listing expenses council Auditor Kirk Sherman wanted council members to see so they could decide if they want public continued on
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ParkerVision
‘Interesting’ expenses
Friends
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PetSmart said Monday it plans to open a store in fall 2017 at the Mandarin South shopping center under redevelopment at 11700 San Jose Blvd. Spokeswoman Melissa Wenzel said the store was in the planning stages, so she could not provide more details. The confirmation means progress is being made on the center, where natural foods grocer Earth Fare is expected to open as the 27,550-square-foot anchor tenant. Earth Fare has not said it is opening a store there. “We wait until the opportune moment for our team and the community” to share details about new stores, said spokesman Mark Malinowski on Monday. A junior anchor space of 17,730 square feet is next to it, which is where PetSmart is expected to locate. The stores generally range 14,000 and over. Phoenix-based PetSmart has six area stores. Mathis continued on Page A-2
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