Water availability needs to be accurately assessed to understand and effectively manage hydrologic environments. However, the estimation of evapotranspiration ( ET ) is prone to errors due to the complex interactions that occur between the atmosphere, the Earth ' s surface, and vegetation cover. This paper proposes a novel approach for analyzing the sources of inaccuracy in estimating the annual ET using the Budyko framework (BF), particularly temporal variability in precipitation ( P ), potential evapotranspiration ( E P ), runoff ( R ), and the change in soil storage ( & Aring; S ). Error decomposition is employed to determine the individual contributions of P , R , E P , and & Aring; S to the ET error variance at 12 locations in the state of Illinois using a dataset covering a 22 -year period. To the best of our knowledge, this study represents the first BF-based investigation that considers R in the error decomposition of the predicted ET variance. The ET error variance increases with the variance in the P and R in Illinois and decreases with the covariance between these two variables. In addition, when accounting for & Aring; S in the BF, the scenario in which & Aring; S affects the total available water (i.e., P ) is reliable, with a low prediction error and a 13.87 % lower root mean square error compared with the scenario in which the effect of & Aring; S is negligible. We thus recommend the inclusion of & Aring; S and R as key variables in the BF to improve water budget estimations.