The Nebraska Economic Forecasting Advisory Board voted Feb. 27 to lower revenue projections over the next two fiscal years in their last meeting before debate begins on possible budget adjustments.<\/p>\n
The board provides an advisory forecast of general fund receipts used by the Legislature when crafting and revising the state budget. Prior to the meeting, lawmakers were facing a projected $471 million shortfall.<\/p>\n
Revenue projections for the current fiscal year were raised slightly based on an anticipated increase of $100 million in sales and use tax receipts, offset by projected decreases of $80 million in corporate, individual and miscellaneous income tax receipts.<\/p>\n
Total projected revenue receipts for FY2025-26 were set at $6.970 billion, an overall increase of $20 million above the previous projection.<\/p>\n
That slight increase was offset, however, by the forecast for projected total revenue receipts for FY2026-27. That projection was set at $6.625 billion, a decrease of $175 million, and was based on anticipated decreases across all categories except individual income tax receipts.<\/p>\n
The next board meeting is scheduled for Oct. 30.<\/p>\n","protected":false},"excerpt":{"rendered":"
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