Nebraska revenues last month came in $52 million below projections, state officials said last week.
If revenues continue to decline, the Legislature may hold a special session to consider cuts to the current two-year budget. Lawmakers held a special session last November when it closed a $334 million budget gap and cut just under $50 million during its recently ended regular session.
Net revenue for April, deemed a key month for states because of tax day, was $304 million compared to the $356 million projected by the Nebraska Economic Forecasting Advisory Board. Most of the decline came from income taxes, which came in $40 million below expectations.
Net sales tax exceeded expectations by 2.2%, coming in at $115.5 million for the month. State officials took that as a sign that people are spending money and that the economy is beginning to rebound.
So far for the fiscal year revenue is down $56 million overall.
