LINCOLN, NE (October 28, 2022) – Governor Pete Ricketts praised the State’s economy today, while commenting on this afternoon’s decision by the Nebraska Economic Forecasting Advisory Board to raise the State’s revenue forecast by $2.5 billion through fiscal year 2024-2025. The board voted to increase the State’s revenue forecast by $621 million for the current fiscal year (FY2022-23), to increase estimates by $820 million for fiscal year 2023-24, and to increase estimates by $1.05 billion for fiscal year 2024-25.
Currently, the State’s Cash Reserve Fund is at $1.2 billion. The revised forecast projects it to grow to $1.9 billion by the end of FY2023-2024.
“In Nebraska, we’ve built a record-high rainy day fund, and State revenues continue to exceed expectations,” said Gov. Ricketts. “Today’s action by the forecasting board reflects the steady growth we’ve seen across Nebraska. The State’s financial strength puts the 2023 Legislature in a great position to build on the historic tax relief we delivered to Nebraskans earlier this year.”
Last month, the federal Bureau of Economic Analysis reported that personal income in Nebraska increased by an annual rate of 8.5% through the second quarter of 2022. That was the nation’s fifth-highest increase.