The Nebraska Economic Forecasting Advisory Board voted to lower revenue projections during a Feb. 27 meeting at the Capitol. The board provides an advisory forecast of general fund receipts used by the Legislature to craft the state\u2019s budget.<\/p>\n
Revenue projections for the current fiscal year and FY2017-18 were lowered primarily based on anticipated decreases in individual income tax receipts of $55 million in FY2016-17 and $20 million in FY2017-18.<\/p>\n
Total projected revenue receipts for FY2016-17 were lowered to $4.31 billion, a decrease of $91 million. Projected total revenue receipts for FY2017-18 were set at $4.51 billion, a decrease of $51.2 million.<\/p>\n
In addition, overall projected revenue receipts for FY2018-19 were set at $4.73 billion, a $26.3 million decrease.<\/p>\n
The preliminary budget put the state $134.7 million short of achieving the minimum cash reserve. The net impact of the revised forecast adds $152.9 million to that imbalance, which now totals $287.6 million.<\/p>\n
The next board meeting is scheduled for April 26.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nebraska Economic Forecasting Advisory Board voted to lower revenue projections during a Feb. 27 meeting at the Capitol. The board provides an advisory forecast of general fund receipts used by the Legislature to craft the state\u2019s budget.<\/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":true,"_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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[33],"tags":[],"class_list":["post-20884","post","type-post","status-publish","format-standard","hentry","category-revenue-forecasting-board"],"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\/20884","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=20884"}],"version-history":[{"count":3,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/20884\/revisions"}],"predecessor-version":[{"id":20887,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/20884\/revisions\/20887"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}