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. 28 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 2022-23 were raised based on anticipated increases in revenue receipts across all categories, including projected increases of $405 million in individual income tax and $113 million in corporate income tax.

Total projected revenue receipts for FY2022-23 were raised to $6.44 billion, an increase of $621 million.

The board also set the forecast for projected total revenue receipts for FY2023-24 at $6.47 billion, an increase of $809.5 million. Projected total revenue receipts for FY2024-25 were set at $6.55 billion, an increase of $1.05 billion.

The next board meeting is scheduled for Feb. 24.