Enacted Budget Adjustments – Fiscal Year 2025
During the 2023 legislative session, Nebraska enacted a biennial budget for fiscal 2024 and fiscal 2025. On April 2, 2024, Nebraska Governor Jim Pillen signed a mid-biennium adjustment bill. According to the Appropriations Committee Budget Proposal, the enacted budget adjustment raises general fund appropriations for fiscal 2024-25 by $73 million to $5.44 billion. The adjustments fully fund the state’s education formula and provide virtually no other increases to the budget that was passed in 2023. The mid-biennium adjustments are based on revenue forecasts made by the Nebraska Economic Forecast Advisory Board in February 2024. Total general fund revenues for fiscal 2024-25 are forecasted at $5.84 billion. The ending General Fund Reserve balance for fiscal 2024-25 is projected to be $928 million. The Cash Reserve Fund is not included in the General Fund Reserve balance. For fiscal 2024-25, the Cash Reserve Fund is projected to have an ending balance of $904 million, which is 16.6 percent of expenditures.
At the end of session, Governor Pillen highlighted the achievements of the legislative session including passing two fiscally conservative budget measures, making investments in schools, and delivering income tax cuts.