Company launches new platform to further improve forecasting results
MuniServices, LLC, a business of PRA Group, was recently recognized by a major client in Orange County, California, for accuracy in sales tax forecasting.
The Orange County Transportation Authority Board of Directors approved to move forward with a contract with MuniServices to more accurately project sales tax revenue after its forecasts proved to be the most accurate among several different projections received by the OCTA Board of Directors. As noted in a March 29 article in the Voice of OC, “MuniServices, LLC has been more accurate in its recent forecasts, according to the staff report. In 2015, there was zero variance between what the consultant projected and what actually came in, the report states. One reason MuniServices, LLC is more accurate is they have a “granular level” method of looking at businesses…and therefore have a very specific understanding of market forces in the county, a Transportation Authority staffer told the board.”
And while MuniServices’ forecasting has proved extremely reliable for its municipal clients nationwide, the company is developing a new process that will ultimately blend its “granular” process with a predictive analytics statistical modeling approach.
Doug Jensen, senior vice president of client services for MuniServices West, said, “MuniServices’ longstanding sales tax forecasting model, trusted by more than 200 cities in California and 500 nationwide, is undergoing a revolutionizing change. The blending of business-level details with sophisticated statistical data modeling will further improve the accuracy of our local government revenue forecasting.”
MuniServices is one of the few firms in the United States offering the full suite of revenue enhancement services including revenue discovery, audit, collections and information services, encompassing every municipal tax source.