Fri July 11, 2014
Nebraska cash reserve expected to hit $707.5M
LINCOLN, Neb. (AP) — Higher than expected tax collections will boost Nebraska's cash reserve to a projected $707.5 million.
The Nebraska Department of Revenue reported Thursday that net tax receipts totaled more than $4.1 billion for the budget year that ended on June 30.
The state's economic forecasting advisory board predicted in February that Nebraska would receive about $4.02 billion, using conservative estimates.
By law, the difference of nearly $97 million has to go into the state's cash reserve. That additional money will boost Nebraska's rainy-day fund to $707.5 million.
The Government Finance Officers Association recommends that states maintain a savings balance that would cover two months' worth of general fund expenses.
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