Economic forecasting board raises revenue projections

The Nebraska Economic Forecasting Advisory Board voted to raise revenue projections during a Feb. 28 meeting at the Capitol. The board provides an advisory forecast of general fund receipts used by the Legislature to craft the state’s budget.

Revenue projections for the current fiscal year and FY2014-15 were raised primarily based on anticipated increases in individual income tax receipts of $30 million in FY2013-14 and $64 million in FY2014-15.

Total projected revenue receipts for FY2013-14 were raised to $4.10 billion, an increase of $36 million. The adjusted projection included an anticipated $10 million increase in corporate income taxes.

Projected total revenue receipts for FY2014-15 were set at $4.24 billion, an increase of $63 million.

The anticipated increases in income tax receipts were offset slightly by minor projected downturns in miscellaneous taxes for both fiscal years.

The next board meeting is scheduled for Oct. 31.