Senators give initial OK to $9.7B Nebraska budget package

Nebraska News

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.

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