Economic forecasting board raises revenue projections

In its final meeting before debate begins on the state budget, the Nebraska Economic Forecasting Advisory Board voted April 25 to raise revenue projections.

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

Revenue projections for the current fiscal year were raised by $45 million to $4.76 billion. The adjustment was based on anticipated increases of $30 million in corporate income tax receipts and $20 million in individual income tax receipts, offset by an anticipated $5 million decrease in miscellaneous tax receipts.

Total projected revenue receipts for FY2019-20 were raised to $4.88 billion, an increase of $10 million. The FY2020-21 projections remain unchanged.

The next meeting of the board is set for Oct. 24.