Economic forecasting board raises revenue projections

The Nebraska Economic Forecasting Advisory Board raised current fiscal year projections by $46.3 million during a meeting at the Capitol Oct. 24. The board was created to provide advisory forecasts of revenue receipts used by the Legislature in crafting the state’s budget.

The majority of the increase resulted from a projected $45.6 million increase in individual income tax receipts. The funds will be applied to the state’s cash reserve fund.

The “funds available” in the general fund balance projected for June 30, 2015, also were increased from $7.4 million to $24.6 million.

Finally, the board also set revenue projections for fiscal years 2013-14 and 2014-15. Total projected revenue receipts were set at $4.1 billion for FY2013-14 and $4.2 billion for FY2014-15.

The next board meeting is scheduled for Feb. 28, 2014.