Economic forecasting board lowers revenue projections

The Nebraska Economic Forecasting Advisory Board voted to lower revenue projections for the current fiscal year during an Oct. 31 meeting at the Capitol. The board provides an advisory forecast of general fund receipts that is used by the Legislature to craft the state budget.

The board’s projections for fiscal year 2025-26 were lowered by $120 million. The change was based on a projected $60 million increase in sales and use tax receipts, offset by anticipated decreases across all other categories totaling $180 million.

Total projected revenue receipts for FY2025-26 were lowered to $6.95 billion.

The board also set the forecast for projected total revenue receipts for FY2026-27 at $6.80 billion, a decrease of $247 million. The change was based on anticipated decreases across all categories, including a projected decrease of $123 million in sales and use tax receipts.

The next board meeting is scheduled for Feb. 27.