The state of Nebraska earned nearly $1.5 billion more than expected in the last fiscal year

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LINCOLN, Neb. (KLKN) – The state of Nebraska collected significantly more than analysts had expected in the past fiscal year.

On Friday, the Nebraska Department of Revenue released the state’s general fund revenue for June.

Last month, the state earned $56 million more than expected. In fiscal year 2022, the state consistently earned more than expected each month.

In the last fiscal year, Nebraska collected about $6.35 billion in net tax revenue. The amount is $1.47 billion more than projected, an increase of 30.1% from a projection of $4.88 billion.

The excess will be added to the state’s cash reserve, according to a press release from Gov. Pete Ricketts’ office. It will bring the fund to $1.69 billion.

The governor shared his enthusiasm for the department’s reports.

“Nebraskanians have worked hard this past fiscal year,” Ricketts said. “They have contributed to placing the State in a position of unprecedented financial solidity. Our cash reserve will have far more than is needed to serve Nebraskans. This gives the next legislature a great opportunity to build on the historic tax relief we provided to Nebraskanians in 2022.”

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