San Antonio, TX (DoubleTree by Hilton Downtown)
This session is designed for budget analysts and other finance staff who are involved in preparing revenue forecasts. Special focus will be on forecasting during challenging fiscal times.
This seminar discusses the process of revenue forecasting as well as practical analytical methods. Instructors will demonstrate how to use Microsoft Excel spreadsheet software as a tool for revenue forecasting and analysis through class exercises that address preparing data, qualitative and quantitative analysis methods, and basic statistics. Recommended practices of GFOA and the National Advisory Council on State and Local Budgeting (NACSLB) are incorporated into this seminar. To facilitate the objectives discussed in this course, participants will apply forecasting techniques on their own laptop computers in individual and group exercises.
- Define best practices in revenue forecasting
- Forecast revenues using qualitative and quantitative methods
- Prepare data for quantitative analysis (deflating, differencing, smoothing, normalizing)
- Define fundamentals of regression analysis and being a smart consumer of regression output
- Identify historic revenue patterns
- Determine the accuracy of the forecast
- Perform monitoring of actual revenues relative to the forecast
- Determine appropriate forecast revisions at regular intervals
- Identify influence factors that affect revenue patterns
- Choose and apply the appropriate forecasting method