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New estimates result in smaller Nebraska budget shortfall | KTIC Radio

New estimates result in smaller Nebraska budget shortfall

New estimates result in smaller Nebraska budget shortfall

Lincoln, Neb. —  Nebraska’s state revenue shortfall isn’t quite as severe as previously thought, but lawmakers will still face a tight budget when they reconvene for a new session in January.

New estimates released Thursday show that lawmakers will have to fix a projected $95.1 million shortfall in their upcoming two-year budget. Earlier estimates pegged the shortfall at roughly $232.6 million.

The state is projected to collect nearly $10 billion during that period.

Legislative Fiscal Office Director Tom Bergquist says the change was largely driven by the formulas that determine K-12 school aid and federal Medicaid funding. New calculations from both formulas reduced the amount of money the state will have to contribute for schools and Medicaid recipients.

Sen. John Stinner, the Appropriations Committee chairman, says he still expects a meager budget.

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