Nebraska's projected budget deficit worsens to $1.2 billion

Summarised from 2 outlets · Updated 2 Nov, 17:38 · Archive

Nebraska's projected budget deficit for 2028-29 has worsened to $1.2 billion after new economic forecasts.

Nebraska's Economic Forecasting Advisory Board met Friday to update state revenue projections and revealed a worsening budget outlook for the next two-year budget cycle. The board lowered expected revenues by about $355 million, bringing the projected deficit for fiscal years 2028 and 2029 to approximately $1.2 billion, according to legislative fiscal analyst Keisha Patent.

For the current budget period ending June 30, 2027, the board kept the projected deficit flat at around $208 million. The board projected revenues would increase by about $23 million by the end of fiscal year 2027, but those additional dollars will automatically go into the state's cash reserve under existing law.

State Sen. Rob Clements of Elmwood, chair of the Appropriations Committee, said the board's projections for the next biennium were more extreme than he expected. The figures presented Friday are not final; projections will change again after a Tax Rate Review Committee meeting in November and another forecasting board update in February. The 2027 legislative session will be the third consecutive session to deal with a projected deficit.

Nebraska's projected budget deficit worsens to $1.2 billion — Image: WOWT

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Nebraska’s projected deficit for 2028-29 budget worsens to $1.2 billionNebraska lawmakers will likely enter the 2027 session looking to fill a projected budget deficit around $200 million, but a larger problem emerged for the next two-year budget after new economic forecasts dropped Friday.WOWT · 2 Nov, 16:54
Nebraska’s projected deficit for 2028-29 budget worsens to $1.2 billionNebraska lawmakers will likely enter the 2027 session looking to fill a projected budget deficit around $200 million, but a larger problem emerged for the next two-year budget after new economic forecasts dropped Friday.1011Now · 2 Nov, 16:54

In this story: Nebraska · Nebraska Economic Forecasting Advisory Board · Keisha Patent · Rob Clements · Elmwood

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