Dear Mr. Ethics:
We have submitted a feasibility study regarding revenue projections of a parking garage to be built at a sports facility. The project owner thinks are projections are too low because we based our study on scheduled events and not possible, non-booked events such as ice shows; kid shows; etc. Our study will be the basis for municipal bonds to be sold to fund the garage’s construction. Is it ethical for us to use non-scheduled events in our study? Doing so would make the bonds more attractive.
I think this a situation that does not initially involve ethics. I think you need to consult counsel or the securities agency that will govern the bonds to determine what you can and cannot include in your study. Since this study will support the sale of municipal bonds there should be specific rules or guidelines to follow. If you cannot use possible income and the owner still pushes for same, then I think you have an ethical and legal decision to make. In that situation I would decline the owner’s request.