Omaha World-Herald on Oct. 29: Nebraska lawmakers facing nearly $1 billion budget shortfall next year
Hopes for tax cuts from the Nebraska Legislature got nearly $1 billion harder on Friday. That’s the size of the state budget gap after the Nebraska Economic Forecasting Advisory Board met to update the official forecast of state tax revenues through June 30, 2019. Board members reduced the previous revenue estimates based on the gloomy agricultural economy and on lower-than-expected tax receipts this year.
The new forecast projects that tax revenues will fall $910 million below estimated expenses from now through the end of the next budget period.