Economic forecasting board raises short-term revenue projections

In its final meeting before legislative debate begins on proposed adjustments to the state budget, the Nebraska Economic Forecasting Advisory Board voted Feb. 29 to raise revenue projections for the current fiscal year.

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 were raised primarily based on an anticipated increase of $750 million in corporate income tax receipts, offset by a projected decrease of $200 million in individual income tax receipts.

Total projected revenue receipts for FY2023-24 were set at $7.02 billion, an overall increase of $575 million.

The board also set the forecast for projected total revenue receipts for FY2024-25 at $5.84 billion, a decrease of $525 million. That change was based mainly on a projected $715 million decrease in individual income tax receipts, partially offset by a projected $160 million increase in corporate income tax receipts.

The next board meeting is scheduled for Oct. 31.