State forecasting board anticipates anticipates larger budget deficit

On Friday, Feb. 27, the Nebraska Economic Forecasting Advisory Board met and revised its October revenue projections, adding another $175 million to the deficit. This board has nine members that are tasked with developing a consensus projection of economic activity in Nebraska. They provide an advisory forecast of the state’s General Fund revenue receipts. The consensus General Fund revenue forecast is used to set the operating budget for the State of Nebraska. Senators entered this legislative session aiming to fix a $471 million budget deficit, based on October projections from the Board. Wi...