A bill that would require the Legislature\u2019s fiscal office to report on revenue volatility advanced from general file March 17.<\/p>\n
LB33, introduced by Omaha Sen. Heath Mello, would require the fiscal office to produce a revenue volatility report in advance of new biennial budgets. Mello said the report would assist the Legislature in preparing for potential economic downturns and strengthening state fiscal policy.<\/p>\n
\u201cThis is simply a recommended report that will help all of us to understand the nature of revenue volatility as it impacts the state\u2019s economy and our state budget process,\u201d he said.<\/p>\n
The report would:
\n\u2022 evaluate the tax base and volatility of revenue streams that provide funding for the state General Fund budget;
\n\u2022 identify federal funding included in the state budget and any projected changes in the amount or value of that funding;
\n\u2022 identify and analyze the adequacy of current and projected balances of the Cash Reserve Fund;
\n\u2022 include revenue projections for the ensuing two fiscal years included in the impending biennial budget; and
\n\u2022 contain any other recommendations that the legislative fiscal analyst determines are necessary.<\/p>\n
An Appropriations Committee amendment, adopted 39-0, removed a provision that would have required the report to include a recommendation of the appropriate Cash Reserve Fund balance adequate to sustain essential government operations in the event of a recession.<\/p>\n
Mello said the amendment reflected concerns regarding potential differences of opinion among lawmakers as to the definition of essential government operations.<\/p>\n
Following adoption of the committee amendment the bill advanced to select file 36-0.<\/p>\n","protected":false},"excerpt":{"rendered":"
A bill that would require the Legislature\u2019s fiscal office to report on revenue volatility advanced from general file March 17.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[87],"class_list":["post-16831","post","type-post","status-publish","format-standard","hentry","category-appropriations","tag-sen-heath-mello"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/16831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16831"}],"version-history":[{"count":3,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/16831\/revisions"}],"predecessor-version":[{"id":16834,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/16831\/revisions\/16834"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}