AFTER TWO FULL DAYS OF DEBATE, NEBRASKA LAWMAKERS GAVE FIRST-ROUND APPROVAL LAST FRIDAY TO THE STATE’S $9.7 BILLION BUDGET PACKAGE.
THE STATE BUDGET IS STRUCTURED ON A TWO-YEAR BASIS, WITH THE BUDGET ENACTED DURING LEGISLATIVE SESSIONS HELD IN ODD-NUMBERED YEARS.
THE APPROPRIATIONS COMMITTEE PROPOSAL WOULD RESULT IN A PROJECTED ENDING BALANCE THAT IS $211 MILLION ABOVE THE 3 PERCENT MINIMUM RESERVE.
THAT WOULD BE AVAILABLE TO FUND PROPOSALS PENDING BEFORE THE LEGISLATURE THIS SESSION.
THE CASH RESERVE FUND WOULD INCREASE TO $763 MILLION.
SENATOR JOHN STINNER OF GERING, CHAIR OF THE APPROPRIATIONS COMMITTEE, SAID THE OVERALL BUDGET PACKAGE WOULD RESULT IN $1.45 BILLION IN PROPERTY TAX RELIEF FOR NEBRASKANS OVER THE NEXT TWO YEARS.
