State Forecasting Board Increases Revenue Projections
A recent report from the Nebraska Economic Forecasting Advisory Board has updated the forecast for Fiscal Years 2014 and 2015 to include an additional $99 million of state revenue.
The board estimated Friday that the state will collect about $4.1 billion in the current fiscal year. The new projection is $36 million higher than previous forecasts. State law requires that it go to Nebraska's cash reserve.
In the next fiscal year, board members predicted the state will collect more than $4.2 billion, roughly $63 million more than initially expected. Most of that money will go to the state's general fund for future use.
"With increased revenue, the Legislature now has a clear choice: tax relief for Nebraskans or a spending spree for special interest groups," said Gov. Dave Heineman following the announcement.
He added, "The priority should be tax relief for Nebraska families."
State lawmakers had been waiting to hear from the advisory board to get an idea how much money they have to work with as they head into the later half of the legislative session.
The board last met in October when they said more was paid in income taxes than expected, resulting in a $45.6 million increase to the state's cash reserve.