The Nebraska Economic Forecasting Board voted to lower revenue projections during an Oct. 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.
Total projected revenue receipts for fiscal year 2016-17 were lowered to $4.39 billion, a decrease of $172 million. Projected total revenue receipts for FY2017-18 were set at $4.53 billion, a decrease of $200 million.
Revenue projections for the current fiscal year and FY2017-18 were lowered based on anticipated decreases across all tax categories, including decreases in individual income tax receipts of $82 million in FY2016-17 and $106 million in FY2017-18.
The next Nebraska Economic Forecasting Advisory Board meeting is scheduled for Feb. 27, 2017.