LINCOLN – Neb. Governor Pete Ricketts issued a statement following news that final state general fund tax receipts for Fiscal Year 2016-17 fell $34 million short of projections. Revenues continue to lag projections, and Nebraska collected less tax revenue this fiscal year than the previous year.
“I am continuing to work with my state agencies to constrain spending. The ongoing deterioration of tax revenues demonstrates the importance of the budget restraint exercised by the Legislature in sustaining my vetoes, which helped to re-establish a three percent minimum budget reserve. I will continue to closely monitor tax receipts to protect taxpayers.”
This shortfall comes two months after forecasting board projections adjusted revenue projections downward. Nebraska has experienced five downward revisions of certified forecasts in the last two years.
In Fiscal Year 2015-16, Nebraska collected $4.308 billion in general fund tax revenue. In Fiscal Year 2016-17, Nebraska collected $4.266 billion in general fund tax revenue.