The chairman of the Appropriations Committee says he doesn’t like to be ‘Doctor Doom’, but he issued a warning about spending this morning at the Nebraska Legislature.
Speaker Jim Scheer yielded the floor to Senator John Stinner, who warned colleagues that any measure they bring with a fiscal note should be reconsidered, even if they want it to be a priority.
The Gering lawmaker says tax receipts have been below expectations since the Economic Forecasting Advisory Board made their projections in October, meaning even the Governor’s budget with an increase in General Fund spending could be in jeopardy. “That 3.1% increase is probably going to go down, and have to go down rather substantially based on the numbers we’re seeing today,” says Stinner. “So, I guess I’m trying to convey a message to you preliminarily, and the Governor’s budget is based on a forecast that I think will have be revised down, we will have to make adjustments accordingly.”
Stinner says that also means the Governor’s plan to replenish the state’s ‘rainy day’ fund with an additional $69 million will also need to change.
A new set of revenue projections by the Economic Forecasting Advisory Board will be released at the end of February.