LINCOLN- The Nebraska Economic Forecasting Advisory Board raised revenue estimates on what the state can expect in the next two fiscal years. The three-year estimates show an increase of $605 million total after transfers to the state's rainy day fund and minimum reserve. Increase estimates for each fiscal year were: $285 million in 2020-21; $118 million in 2021-22; and $307 million in 2022-23. The state is already $84 million above the August certified tax forecast, and is likely to be $120 million ahead when October is completed, said Chief Fiscal Analyst Tom Bergquist.

Major issues affecting the state's general fund revenue are COVID-19 and flooding-related tax filing deadline extensions, federal tax changes related to the national economic rescue package, the property tax relief credit (LB1107) and legislation-enacted cash fund transfers.

Renee Fry, OpenSky Policy Institute Executive Director, disagrees, saying the Legislature will likely experience a shortfall next session and says it will only get worse noting that the forecast highlighted that LB1107 will likely cost more than originally expected due.

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