Government
8:06 am
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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.