Economic forecasting board lowers revenue projections

In its final meeting before the Legislature begins debate on the state’s two-year budget and considers possible adjustments to two packages of bills that would cut tax revenue significantly, the Nebraska Economic Forecasting Advisory Board voted April 26 to lower revenue projections in the near term.

The board provides an advisory forecast of general fund receipts.

Revenue projections for the current fiscal year were lowered by $80 million to $6.36 billion. The adjustment was based on anticipated decreases of $200 million in individual income and sales and use tax receipts, offset in part by projected increases of $120 million in corporate and miscellaneous tax receipts.

Total projected revenue receipts for FY2023-24, however, were raised by $25 million and the FY2024-25 projections were raised by $55 million.

The next meeting of the board is set for Oct. 27.