Lawmakers combined budget cuts, cash transfers and new revenues to get through shortfalls in the early 2000s and following the Great Recession, a recent OpenSky analysis showed.
The Tax Rate Review Committee will meet today to discuss the state's current fiscal climate, kicking off a busy day of fiscal policy discussions at the State Capitol.
The Nebraska Economic Forecasting Advisory Board will meet Friday to forecast state revenue collections. OpenSky will provide updates from the forecasting board meeting on our Twitter page.
Economic development and getting the “biggest bang” for public dollars were major themes at our Fall Policy Symposium, which was held in Lincoln on Sept. 1 and attended by more than 190 people.
Learn more about our Research Advisory Committee members.
In a column that appeared in multiple Nebraska newspapers, OpenSky Executive Director Renee Fry wrote, "Limiting budget growth is responsible and laudable. Tax dollars should never be wasted. But limiting budget growth at the expense of adequate public investments can lead to dire costs that far outweigh the financial price of properly investing in vital public services."
Some suggest that if budget growth can be kept near the unusually low levels achieved in the current state budget, there will be plenty of revenue to lower taxes. However, it was our state’s high reliance on property taxes to fund K-12 schools that played a key role in the budget’s low growth rate of 3.5 percent. Furthermore, if budget growth is to remain at current levels, it’s highly probable that property taxes will need to increase even further to avoid cuts to our schools.
Several dates have been set by the Legislature to focus on key fiscal policy issues.
Nebraska’s taxes and tax rates are a lot like our geography – right in the middle.
OpenSky's Renee Fry says the Tax Rate Review Committee's projections illustrate that it will be difficult to maintain the relatively low funding growth achieved in the latest budget.
