Board raises current revenue projections, estimates future receipts

The Nebraska Economic Forecasting Advisory Board revised upward by $57.9 million revenue projections for the current fiscal year during a meeting at the Capitol Oct. 26. The board was created to provide advisory forecasts of revenue receipts used by the Legislature in crafting the state’s budget.

The majority of the increase resulted from a projected $52.8 million increase in individual income tax receipts.

The board also set revenue projections for fiscal years 2013-14 and 2014-15. Total projected revenue receipts were set at $3.9 billion for FY2013-14, and $4.1 billion for FY2014-15. The projections are based on an estimated 4.5 percent growth rate for each fiscal year.

The next board meeting is scheduled for Feb. 28, 2013.