LINCOLN- According to the state's Tax Rate Review Committee, Nebraska lawmakers will have an extra $40 million to work with in the state budget next year. Previous estimates from July showed lawmakers having roughly $339 million to allocate by fiscal year 2024-2025, but new projections place that number closer to $379 million.

Legislative Fiscal Analyst Keisha Patent said there were multiple reasons for the increase, including unspent money from previous years and expected savings from the new school state aid system. Possible uses for the new money include funding new projects, furthering tax relief, or increasing Nebraska's rainy day fund.

Speaker of the Legislature John Arch, a member of the tax rate committee, said the Legislature may add more funding into the Education Future Fund to keep it afloat. Special Education funding, which, according to Patent, cost $27 million more than what was projected this year, may also need to be bolstered.

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