Economic forecasting board raises revenue projections

The Nebraska Economic Forecasting Advisory Board voted to increase 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 FY2020-21 were raised primarily based on an anticipated $70 million increase in sales and use tax receipts and a $45 million increase in corporate income tax receipts in FY2019-20.

Total projected revenue receipts for FY2019-20 were raised to $5.20 billion, an increase of $115 million. Projected total revenue receipts for FY2020-21 were set at $5.17 billion, an increase of $25 million.

The next board meeting is scheduled for Oct. 29.