Financial Facts

May 19, 2017

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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