“…Chatagny and Soguel (2012) find underforecasting of revenues by Swiss cantons from 1980-2002, which leads to reductions in actual expenditures, and Chatagny and Siliverstovs (2013) similarly find conservative revenue forecasts over a longer time period but increasingly less so (that is, forecasting became more accurate over time). Czech municipalities similarly underforecast revenues (although smaller cities underforecast less), and longer budget processes lead to increased revenue underforecasting (Sedmihradská, 2013;Sedmihradská & Čabla, 2013;Sedmihradská & Klazar, 2011), which is consistent with the American context (see D. W. Williams, 2012). Benito, Guillamón, and Bastida (2015) find opportunistic behavior by Australian politicians, who overestimate revenues during election years.…”