Unicameral Update
In its final meeting before legislative debate begins on the state’s two-year budget, the Nebraska Economic Forecasting Advisory Board voted Feb. 28 to raise revenue projections for the current fiscal year.
The board provides an advisory forecast of general fund receipts used by the Legislature to craft the state’s budget.
Revenue projections for the current fiscal year were raised based on an anticipated increase of $175 million in corporate income tax receipts, offset by projected decreases in miscellaneous and individual income tax receipts.
Total projected revenue receipts for FY2024-25 were set at $6.435 billion, an overall increase of $100 million above the previous projection.
The board also set the forecast for projected total revenue receipts for FY2025-26 at $6.955 billion, leaving that forecast largely unchanged. Projections were set at $7.250 billion for FY2026-27, an increase of $28.5 million.
The next board meeting is scheduled for April 25.