Economic forecasting board revises revenue projections upward

The Nebraska Economic Forecasting Advisory Board provided some optimism for the state’s revenue outlook during its first meeting of the year Feb. 25.

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

During its October forecast, the board set revenue projections at $3.4 billion for fiscal year 2010-11, $3.4 billion for FY2011-12 and $3.6 billion for FY2012-13.

The board projected that revenues for the current fiscal year would be $9.5 million less than predicted in October, but revised their outlook upward for FY2011-12 and FY2012-13 by $24 million and $30 million, respectively.

Leading the higher revenue projections for the next biennium were sales tax revenues, which the board revised upward by $45 million. Holding revenue projections back were corporate income taxes, which the board revised downward by $40 million over the next three fiscal years.

The next meeting of the board is Thursday, April 28.