In a letter published in today's Advocate, Mr Yovich said information supplied to the council by the financial analysts was wrong, and that the Harbourside project would make a profit. The Deloittes report suggested the Harbourside project would run at a loss of $420,000 per annum and the Hundertwasser Wairoa Maori Arts Centre would make $520,000.
"Their estimates are overstated," Mr Yovich said.
Ian Reeves, of Prosper Northland, has complained to Election Services director Dale Ofsoske about Mr Yovich's claims and asked Mr Ofsoske to publicly correct the comments.
Mr Ofsoske replied it was not his role to police the accuracy of claims made by proponents or opponents of options in the referendum, nor was it illegal for backers to make incorrect statements.
"Under the Local Electoral Act 2001 (LEA), the Electoral Officer is not required to make public announcements about perceived inaccuracies on such matters," he said.
Mr Ofsoske said he was satisfied the referendum voting pack provided correct and neutral information on which voters could base their decisions.
But Mr Reeves said he was concerned Mr Yovich's comments might sway people.
"Mr Yovich's comments are against all logic and research, they are contrary to four independent reports and are simply mischievous," he said.