Economic forecasting board raises revenue projections slightly

The Nebraska Economic Forecasting Advisory Board voted to increase revenue projections marginally for the current fiscal year during an Oct. 30 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 2025-26 were raised based on an anticipated $307 million increase in sales and use tax receipts, offset by projected decreases across all other categories totaling $284 million.

Total projected revenue receipts for FY2026-27 were raised to $6.805 billion, an increase of $23 million.

The board also set the forecast for projected total revenue receipts for FY2027-28 at $6.795 billion. Projected total revenue receipts for FY2028-29 were set at $6.985 billion.

The next board meeting is scheduled for Feb. 26.