Nebraska lawmakers were given a spooky revenue projection on Halloween, but it didn’t come as surprise to fiscal committee leadership. The Nebraska Economic Forecasting Advisory Board revised its April state revenue projections downward by around $120 million dollars for FY2025-26, and $247 million for FY2026-27. That means the state’s budget shortfall – which was already at $95 million following the recent legislative session – has ballooned to more than $450 million over the current biennium. The revenue forecast is used as the basis for the Legislature’s constitutional obligation to balance the state budget. A state statute calls for an additional 3% reserve to be included.