Abstract
This chapter examines current year budget forecast performance for municipal governments in the United States. Midyear forecasts are especially important for governments because budgets authorize public spending and changes to legal financial plans. Ample research examines forecasts beyond the current fiscal year, yet little work analyzes forecasts made during the current fiscal year for the remainder of that year. Although an examination of the literature suggests that midyear forecasts can reflect substantial improvement, the empirical analysis shows no significant evidence of improvement and even finds evidence that expenditure forecasts become worse at shorter time horizons.
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