Nebraska's General Fund receipts in June were $28 million higher than forecasted, and in the face of the surplus, Gov. Dave Heineman wants to lower taxes.
Net General Fund revenues for June were above the Nebraska Economic Forecasting Advisory Board projections by nearly $28 million, with $390 million in actual receipts compared to $362 million that was projected for the month.
As fiscal year 2012-2013 ended, tax receipts were above projections by nearly 7.6 percent, the Nebraska Department of Revenue said.
When upcoming transfers are made, Nebraska’s cash reserve will be approximately $679 million becoming the largest cash reserve in state history, Heineman said.
“With the largest cash reserve that the State has ever had and a consistently improving economy, it is time to provide the citizens of Nebraska tax relief," Heineman said. "Tax relief should be the top priority of the next legislative session.”