Economic forecasting board raises revenue projections

The Nebraska Economic Forecasting Advisory Board voted to raise revenue projections for the current fiscal year during an Oct. 24 meeting at the Capitol. The board provides an advisory forecast of general fund receipts that is used by the Legislature to craft the state’s budget.

The board’s projections for fiscal year 2019-20 were raised based on anticipated increases in revenue receipts across all categories, including $80 million in corporate income tax and $50 million in individual income tax.

Total projected revenue receipts for FY2019-20 were raised to $5.09 billion, an increase of $161 million.

The board also set the forecast for projected total revenue receipts for FY2020-21 at $5.15 billion, an increase of $105 million.

The next board meeting is scheduled for Feb. 28, 2020.