(Neb)-April Revenue Good Or Bad Depending On Perspective
LINCOLN, Neb. (AP) - Nebraska's net tax collections last month were $478 million dollars. That's either about 10% less or 2% more than expected.
The difference comes from whether you use the last certified projection from the Nebraska Economic Forecasting Advisory Board in February or its update from last month, which hasn't been officially certified yet.
The Department of Revenue used the February figure in announcing that revenue for April was $55.5-million dollars less than expected, while the Open Sky Policy Institute tax policy group used the April update in saying revenue last month was actually higher than projected.
Nebraska State Budget Administrator Gerry Oligmueller says while Open Sky is correct, the state is still $16 million short of its expected revenue for the fiscal year that ends June 30th based on the board's April forecast.
The Legislature gave final approval to an $8.9-billion dollar 2-year budget on Tuesday and Governor Pete Ricketts said after the monthly revenue numbers were released yesterday that state officials have a duty to address the shortfall to protect the budget and taxpayers.
Appropriations Committee chairman John Stinner of Gering says the updated April projections were the ones used in preparing the budget, so he believes the budget as approved would balance out over the next two years.
Ricketts was already looking at the new biennial budget for possible line-item vetoes and said yesterday he will review it and take "appropriate action." He has until Monday midnight to act.
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