State Reserve Funds Hit Record High, Gov. Says Time for Tax Cuts
Nebraska's rainy day fund has gotten a boost from higher than expected tax revenues.
The General Fund receipts in June were released Tuesday by the Nebraska Department of Revenue.
Tax Commissioner Doug Ewald says revenues in the last fiscal year will bring the state's cash reserve to the largest in state history – with about $679 million in the reserve.
Revenues coming in for the past year are about 8 percent higher than forecasted. Early projections were at $362 million and actual receipts came in at $390 million.
The news comes just as the state is beginning a study of it's tax system.
Governor Dave Heineman said that lawmakers should now focus on passing new tax cuts.
"With the largest cash reserve that the State has ever had and a consistently improving economy, it is time to provide the citizens of Nebraska tax relief. Tax relief should be the top priority of the next Legislative Session," he said.