Economic forecasting board raises revenue projections

In its final meeting before debate begins on the state budget, the Nebraska Economic Forecasting Advisory Board voted Feb. 26 to raise revenue projections.

The board provides an advisory forecast of general fund receipts that the Legislature uses to craft the state’s budget.

Revenue projections for the current fiscal year were raised by $204 million to $5.49 billion. The adjustment was based on anticipated increases of $95 million in individual income tax receipts, $65 million in sales and use tax receipts, $40 million in corporate tax receipts and $4 million in miscellaneous taxes.

Total projected revenue receipts for FY2021-22 were raised to $5.08 billion, an increase of $165 million. The FY2022-23 projections increased by $93 million.

The next meeting of the board is set for April 29.