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. 29 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 2021-22 were raised based on anticipated increases in revenue receipts across all categories, including $226 million in individual income tax and $190 million in corporate income tax.

Total projected revenue receipts for FY2021-22 were raised to $5.35 billion, an increase of $475 million.

The board also set the forecast for projected total revenue receipts for FY2022-23 at $5.55 billion, an increase of $427 million.

The next board meeting is scheduled for Feb. 28.