Friday revenue forecast could have significant impact on state budget

Friday revenue forecast could have significant impact on state budget

The Nebraska Economic Forecasting Advisory Board will meet Friday to forecast state revenue collections. The board will examine measures such as the state’s unemployment rate and economic activity to estimate individual income, corporate income, sales taxes, and other miscellaneous revenues the state can expect. The meeting starts at 1 p.m. in the State Capitol, Room 1507.

The forecasting board’s revenue projections could have a significant impact on the state’s ability to fund priorities like education, health and human services and corrections. According to Legislative Fiscal Office projections, Nebraska faces a nearly $114 million budget gap this fiscal year and a nearly $353 million budget shortfall in the next biennium.

The most recent report on state tax receipts show the state is trailing the revenue forecast for the current fiscal year, which began July 1, by about $42 million.

OpenSky will provide updates from the forecasting board meeting on our Twitter page.