What is wrong with the ITAs financial assumptions and projections?
In defending against the bond issuance appeal, the ITA revealed that all of their financial revenue projections were based on assumptions they furnished to an accounting firm. The accounting firm specifically disclaimed any representation as to the validity of the furnished assumptions. In other words, a series of guesses when accurately multiplied became a spreadsheet of guesses. Prudent planning requires best case and worst case data, not empty guesses with no provision for contingencies, such as a recession. The hearing officer ignored these facts.
