Long-term financial forecasting for local governments.(Financial planning)

Cities, counties, and other local government agencies are increasingly adopting long-term financial forecasting as a critical component of their financial management practices. Too many governments have found out the hard way what can happen in the absence of a realistic forecast model, one that projects and quantifies the impact of potential revenue shortfalls and increased liabilities well into the future. Forecasts can be used to create a strategic context for evaluating the annual budget, to establish a baseline for measuring the long-term effects of decisions, to test the economic effects of best-case and worst-case funding scenarios, and to establish a baseline ...