States Get Low Marks for Revenue Forecasts
Charleston Daily Mail - West Virginia was one of 12 states to receive low marks in a new study about how state governments come up with official revenue forecasts. Read
The Center on Budget and Policy Priorities, a national nonprofit think tank, released the study last week regarding the processes states use to issue annual revenue forecasts. The report compiled five "best practices" the institute said states should use to have a sound, transparent revenue forecasting process.
Those best practices were: the governor and legislature working together on forecasts, using outside experts, publishing forecast documents online, holding public meetings during when officials are crafting the forecast and revising those forecasts during the course of the budget year.