Economic forecasting board maintains current revenue projections

The Nebraska Economic Forecasting Advisory Board maintained the current fiscal year revenue projections during an April 25 meeting at the Capitol. The board provides an advisory forecast of general fund receipts used by the Legislature to craft the state’s budget.

Total projected revenue receipts for fiscal year 2012-13 were maintained at $3.87 billion, which is based on an estimated growth rate of 5.4 percent.

The board raised its projections for fiscal years 2013-14 and 2014-15. Projections were set at $3.98 billion for FY2013-14, which is based on an estimated 3.6 percent growth rate. Projections for FY2014-15 were set at $4.14 billion, which is based on an estimated 4.7 percent growth rate.

Members also voted to include an addendum to the forecast stating the board’s belief that there will be a one-time $125 million increase in state revenue, above the forecast amount, for FY2012-13. Legislative Fiscal Analyst Michael Calvert said that the influx is most likely in relation to capital gains liabilities incurred in 2012.

The next board meeting is scheduled for Oct. 24.