BCR's Daily Fishwrap Report for December 31, 2008

Time to wrap up the Fishwrap for '08 with a last look for the year at today's newsprint.

A key story in yesterday's news day was a meeting between City leaders -- including D.P.D. Chief Jose Lopez, deputy Chief B.J. Council, a slew of other officers, and City Councilman Mike Woodard -- and representatives from a number of urban core neighborhoods to discuss perceived increases in crime levels in recent months.

The N&O attended, and out of a two hour meeting, somehow managed to find quotes only from the very first speaker, one assistant chief of police, and the organizer. Still, this stumble-to-the-goal-line seems to have beat the H-S, which managed to report that the meeting was scheduled, but couldn't quite get a reporter there (that we could see.)  Though, of course, the neighborhood canvassing before the meeting made for a great photo op, and therefore, coverage (H-S, WRAL).

We'll have a wee bit more to say on the meeting later today here at BCR. Elsewhere in the Durham news universe:

• An audit finds the City's unrestricted fund balance is, in fact, 11% -- below the 12% guideline established by the City Council, and mirroring the tax hike-minimizing 11% savings rate the Council adopted this year. A question for '09: Will the Council, as Farad Ali suggested this summer, reduce spending to make sure that the fund balance returns to 12% of appropriations, or will the City take a chance on whether it maintains its AAA bond rating? (H-S)
• The City and County are still scrutinizing the Durham Civic Center, which despite $1m in recent upgrades -- and $6 million in future ones -- is still losing up to $1m a year, a matter not helped by slow bookings in a tough economy. A name change to something like a "Convention Center" is likely in the new year, with a team of Fuqua students also looking to make recommendations as part of a class project. (H-S)
• ...which may be good news for downtowners remaining skeptical about the properties the City controls along E. Chapel Hill St. next to the Civic Center/Marriott complex. These have been mentioned before as possible targets for demolition to expand the Civic Center; architect and developer Scott Harmon has expressed concern as to whether a proposed evaluation of the structures could lead to this, and would like to see the properties sold off for redevelopment. (H-S)

Comments

[KeepDurhamDifferent!]

Since this is the time of year for predictions, I'll stick my neck out and say that 12% is as dead as the dodo. Look at the spread of corporate bond rates over T-bills. Then look at the muni/fed spread 00 the inference should be obvious.

With taxes going up soon (thanks, Obama!), muni bonds are getting better all the time. As to whether this means we will lose AAA, I'm not saying (and it would be inappropriate for me to comment since I work for an investment bank).

I love Farad Ali for fighting the good fight, but I predict he will lose on this one.