Revenue forecast optimistic, don’t waste the opportunity

Capitol View

The Nebraska Economic Forecasting Advisory Board says it looks like the state will take in $161 million more tax revenue than anticipated. The Governor and a handful of state senators say they want it to be used for property tax relief.

The director of at least one think tank says it’s a good time to build up the state’s cash reserve, which has been drawn down well below recommended levels. I like that idea. I’m sure that the late Sen. Jerome Warner of Waverly, who created the “rainy day” fund, would concur.

Having a mandatory cash reserve has served the state well through the decades since it was constitutionally mandated. It got Nebraska through the farm crisis of the early 80s and a number of other economic downturns since. Of late, it has been tapped for the purpose of bolstering the Governor’s oftdiscussed property tax relief.

 

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