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Thursday, August 7, 2014

Arkansas rapped for revenue forecasting practices

Posted By on Thu, Aug 7, 2014 at 1:35 PM

click to enlarge 8-7-14sfp-f1.png

Calling Richard Weiss. The Center on Budget and Policy Priorities says Arkansas alone among the states has in place zero of its five "best practices" for revenue forecasting.

The recommended practices:

* The governor and legislature produce a consensus estimate. They produce independent views in Arkansas. 

* The forecasting group include outside experts from academics and business.

* Forecast and assumptions should be published and easily accessible on the Internet.

* Meetings of the forecasting body should be open to the public.

* Estimates should be revised during the year. Arkansas does revise estimates on occasion, but I'm unaware of a regular process.

Arkansas was alone in following none of these practices. Another 11 use only one or two. 

UPDATE: Twitter commenters, including A.G. Dustin McDaniel, said they'll take Arkansas surpluses over the budget deficits in some states with supposedly superior practices. 

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