Fellow SMART watchers:

SMART's financial outlook is much worse than
the consultant (Sarah Hollenbeck, PFM ) claimed.

Their diagram assumed sales taxes would continue
growing.

If the "markets" are correct - and I make no claim
that they are -- we're heading into a recession
long before 2022.

Why is this date important? It's the call date
on the bonds.

So even if they do pass the extension, if there
is a recession before the call date, SMART has
no arrows in its quiver other than to cut service.

SMART staff ducked on the issue of a recession.

And they're going to have one hell of a time
explaining this to the voters, because most
commenters seem to think the extension bails
them out of what's really facing them.

And someone asked, "is the staff so inept
that it didn't bother to inform the Board about
this looming problem until now?"

The Board needs to delay the March 2020 measure
for 2 years and find a replacement for Farhad
and CFO Erin McGrath.