Nebraska’s General Fund receipts for April were 1.6 percent above the certified forecast.
Tax Commissioner Tony Fulton says the monthly report is good news, but state economists are still urging caution.
“For the fiscal year, we’re beating the projection by about 1.7 percent. That’s good news. What does that say about the broader economy? Well, let’s wait and see,” Fulton tells Nebraska Radio Network.
The fiscal year ends June 30, so with two more monthly reports to go, the net amount is $60 million above projections.
“That’s a bit of a change. We’ve had a pretty hard run with respect to our projection here in the past several months, and probably longer than that, so I think you can take this as pretty good news,” Fulton says.
Still, there are three things Fulton and state economists are keeping their eyes on.
“Sales tax numbers could have been better. I look at corn prices, and they’re still below $4. Soybean prices have taken a hit hear recently and that has a little – or a lot – to do, probably, with recent tariff talk. That has not helped soybean prices,” Fulton explains.
He points out that the state budget adjustment was based on the November projections, so a net amount above that is good.
Net General Fund receipts for fiscal year 2017-18 were $3.701 billion, which is 1.7% above the November 13, 2017, certified forecast of $3.641 billion.
Net Sales and Use: 0.5% below forecast
Net Individual Income: 3.1% above forecast
Net Corporate Income: 1.0% above forecast
Net Miscellaneous: 3.5% above forecast
AUDIO: Mike Loizzo Reports [:33]