• Concerned Citizens of Lakeland TN

UPDATED - PFM financial conflict Featured

UPDATE ON PFM PAYMENTS

For those of you new to Lakeland and the battle we have had to go through with Wyatt Bunker, the entire basis the city used as to why we could absoltely afford a $50,000,000 loan in Lakeland was based on the financial advice of a company called PFM.

New information has come to light on the PFM Capital Outlay Note. (The $20 Million loan for the middle school)

We know they were paid $10,000 to do the work "proving" that we could afford a $50,000,000 loan. (See original article below)

What our group didn't discover until recently is how they were to be paid an ADDITIONAL $33,750 if the city was successful in acquiring a $20,000,000 loan.

So the financial group that was the basis of why the city should take out a massive amount of debt had a large financial incentive if we received the loan?

You don't have to believe us. Here it is in writing:

Would you trust the financial advice of someone if you knew they were going to be paid a bonus of almost $40,000 if you took their advice?!?!? - I bet NOT!

This screenshot is based on this document from the official city website it is on page C-1
http://www.lakelandtn.gov/documentcenter/view/4500 

ORIGINAL ARTICLE:

A while back our group discovered that PFM (the financial company the city has used to justify it can afford the schools) had a disclaimer in their presentation saying they obtained their numbers and assumptions from the CITY of Lakeland. Now our group has obtained through a freedom of information request (the day before the vote) a document that shows they PFM was also PAID for their work. They were paid just under $10,000 (short by $20) which means the work also didn't have to go out to be bid on by other vendors.

Click on the attachments below for a copy of their invoice and their contract.

To read about the City providing PFM  the numbers click the link below:

http://www.concernedcitizensoflakeland.com/what-you-need-to-know/fact-or-fiction/item/85-did-pfm-prove-anything.html

 

Login to post comments