Home Local News NEBRASKA LAWMAKERS GIVE 1ST ROUND APPROVAL TO STATE BUDGET

NEBRASKA LAWMAKERS GIVE 1ST ROUND APPROVAL TO STATE BUDGET

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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.