A.G. Gancarski
If County Referendum 1 passes in Jacksonville, unlocking a sales tax extension dedicated to the city’s $2.8 billion unfunded pension liability, Mayor Lenny Curry says collective bargaining could be done within months.
“My plan is to have it done by spring,” Curry told a crowd at the Chamber’s ImpactJax event Monday evening.
The timeframe is intended, Curry added, to accommodate the city’s budget cycle.
Curry reiterated his belief that if one pension plan agreed to terms, thus unlocking the revenue guarantee created by pension reform and the associated half-cent tax extension, the other plans would be pushed by their members to negotiate in a similar spirit.
Due to the nature of collective bargaining, Curry is not able to dictate the terms of the plans, but says he wants them to be “market-based,” while still being able to assure new public safety and other employees that they have a secure future.
Curry also contended “additional upgrades” in Jacksonville’s municipal debt will be likely if the pension issue finds resolution, and “if the debt is upgraded, interest rates go down,” which would save the city money on borrowing.
In addition to reassuring the markets, Curry contended a resolution to the pension issue would create an impression of “regulatory certainty” for companies looking to relocate to Jacksonville, and would have a “tremendous impact on the marketing of our city.”
Curry also addressed the pitfalls of the past regarding the city’s pension contributions, saying that “when the market performed really well, the city did not pay in the required amount.”
This happened, Curry said, for a “number of years.”
Advocates for the referendum contend the internal polling is strong ahead of the Aug. 30 referendum, in what looks to be a disproportionately GOP electorate … good news for the Republican mayor.
As of the end of Monday, 11.44 percent of registered Republicans had already voted in the primary, while a mere 8.5 percent of registered Democrats had voted.
Even with Democrats, a potential hurdle was removed last week, when Rep. Corrine Brown left the referendum blank on her Quick Picks cheat sheet for voters.
3 comments
Jimbo Breland
August 23, 2016 at 5:22 am
Why would debt rating improve, when in actuality COJ is increasing debt service to critical levels by financing out to 2037 ? I disagree !
Derisking and FRB’s allegation that negative interest is a tool in their arsenal makes Referendum 1 a bad choice ! Smoke and mirrors and unprecedented PAC PR make this idea questionable !
bwd
August 23, 2016 at 2:28 pm
I find Mayor Curry touring business to business attempting to sell his tax completely unprofessional. Curry and I actually thought you were an improvement. Silly me.
Aaron marino
August 23, 2016 at 8:46 pm
There was a no on1sign here when to went to work. When i came back this is what up in its place?so sad that the city is resorting to these kind of tricks! So this guy on first coast connect on tews said this crazy comment about no on 1 signs disappearing and i thought you crazy old coot. Nope he is right on san jose today a no on 1 sign was taken down and a yes on 1 was put back on its place turns out he was right.
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