Economic forecasting board lowers revenue projections

The Nebraska Economic Forecasting Advisory Board voted to decrease 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 FY2019-20 were lowered primarily based on anticipated decreases in sales and use tax receipts of $60 million in FY2018-19 and $20 million in FY2019-20.

Total projected revenue receipts for FY2018-19 were lowered to $4.72 billion, a decrease of $80 million. Projected total revenue receipts for FY2019-20 were set at $4.87 billion, a decrease of $20 million.

In addition, overall projected revenue receipts for FY2020-21 were set at $4.99 billion, a $10 million decrease.

The next board meeting is scheduled for April 25.