The Bureau of Reclamation (Reclamation) plays a central management role in the Colorado River Basin (CRB), with an increasing focus on meeting the needs of stakeholders during the current drought. One aspect of this role involves generating five-year projections of reservoir operating conditions in the federal multi-reservoir system. These projections are the basis for estimating the probability of shortage conditions, which are relied on by stakeholders, and are particularly important during drought. Currently, Ensemble Streamflow Prediction (ESP) forecasts drive Reclamation's Colorado River Mid-term Modeling System to produce probabilistic reservoir projections to be used in risk-based analysis and decision support for the first two years of the outlook period. The lack of significant forecast skill beyond the first year motivates interest in alternative forecasting approaches. The CRB Operational Prediction Testbed was created to provide a quantitative and consistent framework for assessing the skill of streamflow forecasts and their impact on associated reservoir system projections. Reservoir system projections are evaluated by analyzing Lakes Powell and Mead operations, including projected pool elevation and operating tiers. In an initial application of this testbed, ESP forecasts were compared to experimental streamflow forecasts to assess their skill impact on two-year reservoir projections, which are critical information for managing drought.