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The Voice of the

Commonwealth's Counties

Financial Facts

Government has historically lagged industry in keeping up with the best practices and most efficient methods of forecasting. Some of the pitfalls encountered include:

  • Slow preparation
  • Optimism bias
  • Lack of support for assumptions
  • Poor data quality
  • Lack of ownership and accountability
  • Misalignment of incentives
  • Lack of forecasting skills in the team
  • Lack of understanding of risk and volatility in the forecast

VACo Contact: Vicky Steinruck, CPA

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