Lawmakers will face major budget deficit - News, Weather and Sports for Lincoln, NE; KLKNTV.com

Lawmakers will face major budget deficit

Lawmakers will face major budget deficit

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Posted By: Rachel Hofstra
rhofstra@klkntv.com

Nebraska lawmakers are facing some money issues. The state is projected to have over a $900 million budget shortfall by 2019. These numbers are not based off of actual spending, they're predictions based off our current receipts and the economy.

"Most of it is projections going forward. So if we do nothing to adjust our budget, our spending, and the real revenue receipts come in the way they are projected to come in, we will be a little over $900 million short in the next biennium," said Sen. Bob Krist.

Senators say it's because commodity prices dropped and our agricultural area started to see some downturns. By June of 2019 the state should have about $630 million in its rainy day fund. But lawmakers don't recommend using all of the cash reserve to solve the budget deficit.

"We'll probably have to dip into the rainy day funds for a certain portion of deficit, but I for one will advocated we use as little as necessary in order to balance our budget," said Krist.

Krist says he and many other officials have already begun to make cutbacks and see more coming in the future. Economists project it to be a two growing season turnaround before the budget is back on track.

"So it's not going to happen over night, we are going to be able to see within the receipts as we come out of this season," said Krist.

Nebraska legislature goes into session in January and senators say this is definitely going to be a main topic.

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