Economic forecasting board raises revenue projections

The Nebraska Economic Forecasting Advisory Board voted to raise revenue projections during a Feb. 26 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 FY2016-17 were raised primarily based on anticipated increases in individual income tax receipts of $20 million in FY2015-16 and $25 million in FY2016-17.

Total projected revenue receipts for FY2015-16 were raised to $4.42 billion, an increase of $17 million. Projected total revenue receipts for FY2016-17 were set at $4.57 billion, an increase of $13 million.

The anticipated increases in income tax receipts were offset by projected downturns of $10 million per fiscal year in sales and use taxes.

The new revenue projections bring the total in general funds available after preliminary budget recommendations from the Appropriations Committee to approximately $14 million for the biennium.

The next board meeting is scheduled for Oct. 28.