Multiyear Financial Planning
STEP 5: Revisit the multiyear financial plan at least annually. Plans are not static documents and must be updated regularly in order to accurately guide budget and other policy decisions.
New York City, for instance, updates its plan quarterly throughout the year as part of its budget monitoring process. Smaller entities may update the plan as infrequently as once a year, as new data becomes available, or as often as necessary to demonstrate the effects of proposed policy changes or changing economic projections.