Fri March 1, 2013
Economic Forecasting board predicts uptick in revenue
LINCOLN, Neb. (AP) — The board that estimates Nebraska state government tax collections is predicting an uptick in revenue, thanks to the slowly growing state economy.
The Nebraska Economic Forecasting Advisory Board revised its estimates Thursday to show that the state will receive $64.9 million more than expected for its upcoming two-year budget.
The adjusted forecast gives lawmakers more money to work with as they craft a new spending plan. The Legislature's Appropriations Committee released a preliminary $7.8 billion, two-year budget this week, which would take effect in July.
Board member Tonn Ostergard of Lincoln says Nebraska's conservative approach to financial matters helped the state weather the recent recession. Other members pointed to Nebraska's farm economy, agribusiness, and relatively low unemployment.
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