The Nebraska Economic Forecasting Advisory Board voted to increase revenue projections during a Feb. 28 meeting at the Capitol.
Revenue projections for the current fiscal year and FY2020-21 were raised primarily based on an anticipated $70 million increase in sales and use tax receipts and a $45 million increase in corporate income tax receipts in FY2019-20.
Total projected revenue receipts for FY2019-20 were raised to $5.20 billion, an increase of $115 million. Projected total revenue receipts for FY2020-21 were set at $5.17 billion, an increase of $25 million.
The board provides an advisory forecast of general fund receipts used by the Legislature to craft the state’s budget. The next board meeting is scheduled for Oct. 29.
