Additional budget reports required

Lawmakers gave final approval April 18 to a bill that requires the Legislature to analyze long-term fiscal sustainability by adding a new step to the budget process.

<a href='http://news.legislature.ne.gov/dist07' target='_blank' title='Link to the website of Sen. Tony Vargas'>Sen. Tony Vargas</a>
Sen. Tony Vargas

LB713, sponsored by Omaha Sen. Tony Vargas, requires the legislative fiscal analyst to create additional revenue and budget reports throughout the biennium.

The reports include a revenue volatility report in even-numbered years, a budget stress test in odd-numbered years and a long-term budget for major programs every four years.

Senators voted 49-0 to pass LB713.

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