LINCOLN- According to a new report released by the Nebraska Department of Revenue, the state's tax collections came in short of projections over a five-month period, falling by around $92 million. In response to this, Sen. Lou Ann Linehan, who chairs the Legislature's Revenue Committee, said she will be watching tax receipts very closely, especially those that are submitted in April, when many people file their taxes.

The Revenue Committee's Forecasting Board is set to meet at the end of April to review their projections for the next three years. Lawmakers and the governor utilize those projections when formulating the state's budget, so this may throw a wrench into the process. Despite this shortfall, Sen. Rob Clements, chairman of the Appropriations Committee, said revenues still remain strong and the state has a healthy cushion to fall back upon.

"It does appear the revenues are decreasing from record highs," said Clements, "The committee is maintaining a strong cash reserve for absorbing future decreases, if they happen." The recent report indicated that March tax receipts fell around 13.4% below the projections. Since June, however, when the fiscal year began, net tax receipts fell just 2% below projections.

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