OMAHA, Neb. (AP) — Nebraska lawmakers have advanced a new, $9.7 billion state budget that includes more money for property tax credits and college scholarships while setting aside $115 million for a possible state prison to ease overcrowding.
The package would cover state expenses for the next two fiscal years, starting on July 1. It came as some lawmakers warned about a possible economic downturn that hit state revenues, which are currently higher than expected despite the coronavirus pandemic.
The budget includes a $351 million boost to the state’s cash reserve, bringing it to a total of $763 million for emergencies and one-time expenses — a savings cushion equal to a little less than two months of state tax collections.