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. 26 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 2018-19 were raised based on anticipated increases in revenue receipts across all categories, including $27 million in corporate income tax and $24 million in individual income tax.

Total projected revenue receipts for FY2018-19 were raised to $4.8 billion, an increase of $69 million.

The board also set the forecast for total revenue receipts at $4.89 billion for FY2019-20 and $5 billion for FY2020-21.

The next board meeting is scheduled for Feb. 28, 2019.