The Board of Commissioners contracted PFM to advise them on the proposed $50,000,000 school bond. PFM has a PowerPoint presentation on the Lakeland School website showing we can easily afford this massive debt. Click Read More... to find out how many of their assumptions just don't match the real world.
Lakeland officials and Yes Vote Supporters frequently use the analysis performed by PFM (Public Financial Management, Inc.) to support the proposed Bond Plan. Below, Mr. Matt Wright, from the Lakeland School Board, states this explicitly:
He even claims that they looked at a worst case scenario (to see how this claim is clearly false, go to “Fact or Fiction From Our Bond Company – Property Growth” at http://www.concernedcitizensoflakeland.com/what-you-need-to-know/show-us-the-numbers/item/50-fact-or-fiction-from-our-bond-company.html). So, we decided to take a closer look at PFM to understand better exactly what they did.
What we learned was quite surprising! Shocking, given the claims made by Yes Vote supporters. PFM, by their own public admission, was given all of the critical assumptions and inputs needed to perform their analysis. They did not independently validate any of them! Garbage In = Garbage Out! To see the proof and to learn more about PFM, click on Read More…
Read here to see that the City really doesn't have enough revenues to finance this $50,000,000 bond even with the new tax increase! How many new houses will it take to pay for this? How many new stores like Sprouts?
If you or me were to apply for a loan the most important number to a bank would be our debt to income ratio.
Want to see what Lakeland's debt to income ratio looks like compared to other cities?
Make sure you are sitting down.
CLICK READ MORE BELOW
The city is about to us PFM again to provide to advise the city of the financial decision to borrow money to build a High School. They have not proven to be a reliable vendor in the past. Sign the petition asking for a new vendor.