State revenue is up, ever so slightly.
The chair of the Appropriations Committee is pleased, but cautious.
Net state revenue receipts bumped up 1.8% in February with individual income tax receipts up slightly and corporate income tax receipts way up.
Sen. John Stinner of Gering, chair of the Appropriations Committee, understands everyone jumps on any bit of good news for a state suffering from revenue declines.
“You know, we can’t get carried away with spending or be too optimistic. This is just the start, hopefully, of a recovery,” Stinner tells Nebraska Radio Network.
Stinner has his eye on March and April figures, primarily in an effort to rebuild cash reserves.
“We have to be very careful as we come out of here,” according to Stinner. “Obviously, if you heard the budget talks, I spent a lot of time talking about the Rainy Day Fund and the need to rebuild it.”
Legislators have advanced to the second round of debate budget bills making adjustments to the $8.8 billion state budget suffering from a nearly $200 million revenue shortfall and increased expenses.
Lawmakers approved transferring $100 million from cash reserves, dropping the Rainy Day Fund balance to just below $300 million. Stinner wants to rebuild cash reserves to at least $500 million.
Gross tax receipts for February came in at $497 million, 2% above the certified forecast of $487 million. The state sent out $200 million in tax refunds last month, making the net receipts for February $296 million, 1.8% above the $291 million certified forecast.
Net individual income tax receipts came in 1.1% above the forecast with net corporate income tax receipts surging 98.6% above the forecast.
AUDIO: Brent Martin reports [:45]