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 FY2022-23 were raised based on anticipated increases across all tax receipt categories, including a projected $160 million increase in individual income tax receipts in FY2021-22 and a $200 million increase in individual income tax receipts in FY2022-23.

Total projected revenue receipts for FY2021-22 were raised to $5.72 billion, an increase of $370 million. Projected total revenue receipts for FY2022-23 were set at $5.96 billion, an increase of $405 million.

The next board meeting is scheduled for Oct. 28.