Does Revenue Forecasting Responsibility Matter: Th e Case of Milwaukee, Wisconsin

Contents Introduction ......................................................................................................282 Importance of Forecasting for Local Governments ...........................................282 Local Forecasting Constraints .......................................................................... 284

Risks of Overestimation ...........................................................................285 Risks of Underestimation........................................................................ 286

Th e Structure of Revenue Estimation in Milwaukee ........................................ 288 Relationship between Comptroller’s Offi ce and Mayor’s Budget Offi ce ............289 Revenue Estimation Process ..............................................................................290 Evaluation of Forecast Accuracy in Milwaukee, Wisconsin ...............................292 Forecasting Responsibilities ..............................................................................296 Does Structure Matter? .....................................................................................296 Bond Ratings ....................................................................................................297 Conclusion ........................................................................................................301 References .........................................................................................................302