(AP) — Higher-than-expected tax revenues in Nebraska will boost the state’s rainy-day fund to an all-time high.
Nebraska Tax Commissioner Doug Ewald said Tuesday that revenues in the last fiscal year will bring the state’s cash reserve to $679 million, the largest in state history.
The tax commissioner’s office reported that revenues came in at a little more than $4 billion during the fiscal year that ended on June 30, nearly 8 percent above the state’s certified forecast. Ewald says the increased revenue is likely due to an improved economy.
The announcement came as Nebraska lawmakers embark on a study of the state’s tax system. Gov. Dave Heineman says in a statement that lawmakers should now focus on passing new tax cuts.