2016 Boards and Commissions

Nebraska Economic Forecasting Advisory Board

General Information

Formal Name:Nebraska Economic Forecasting Advisory Board
Contact Person:HoaPhu Tran, Revenue Economist Manager, 301 Centennial Mall South, Lincoln, NE 68509, 402-471-5896 and Michael Calvert, Legislative Fiscal Analyst, PO Box 94604, Lincoln, NE 68509-4604, 402-471-2263
Purpose:Develop a consensus projection of economic activity in Nebraska and provide an advisory forecast of General Fund revenue receipts.
How Many Affectable:The Board affects most, if not all, Nebraskans since the consensus General Fund revenue forecast is used to set the operating budget for the State of Nebraska.
How Many Served:Serves the entire State of Nebraska by producing the official General Fund revenue forecast, which aids in determining the budget.
Year Created:The Nebraska Economic Forecasting Advisory Board was created by LB 893 in 1984.
Year Active:1984 Present.
Sunset Date:None.

Authorization

Authorization Citation:Neb. Rev. Stat. 77-27,156, To assist the Governor in developing estimates of revenue pursuant to section 81-125 and the Legislature in setting the rates of the income tax and sales tax pursuant to section 77-2715.01, there is hereby created the Nebraska
Parent Agency:Executive Board of the Legislative Council and the Nebraska Department of Revenue.

Memberships and Meetings

Number Of Members:The Nebraska Economic Forecasting Advisory Board consists of nine members.
Who Appoints:Five members are appointed by the Executive Board of the Legislative Council and four members are appointed by the Governor.
Legislative Approval:The Legislative Council appoints five of the nine members of the Board.
Qualifications Of Members:Members of the Nebraska Economic Forecasting Advisory Board shall demonstrate expertise in the field of tax policy, economics, or economic forecasting.
Per Diem:None.
Expense Reimbursement:Board members are reimbursed for actual and necessary expenses. Board members appointed by the Legislative Council receive reimbursement out of the appropriation made to the Legislatures Fiscal and Program Analysis Program. Board members appointed by the
Term Length:The original gubernatorial appointees served two-year terms. Successive gubernatorial appointees and all legislative appointees serve for four-year terms.
Terms Rotate or Expire At Once:Terms Rotate

Meetings Required In:

Required FY 13-14:Two.
Held FY 13-14:Two.
Required FY 14-15:Three.
Held FY 14-15:Three.
Required FY 15-16:Two.
Held FY 15-16:Two.

Operations

Support Staff:The Legislative Fiscal Analyst and the Nebraska Department of Revenue provides staff support to the Nebraska Economic Forecasting Advisory Board. The Legislative Fiscal Analyst, in developing revenue estimates pursuant to Neb. Rev. Stat. 50-419, and the
Shared or Separate:Shared.
FY 13-14 Budget:$0
FY 14-15 Budget:$0
FY 15-16 Budget:$0
Other Funding Sources:None.
Spending Authority:None.

Accomplishments

Since July 1, 2012:Since July 1, 2012, the Nebraska Economic Forecasting Advisory Board has met in October 2012, February 2013, April 2013, October 2013, February 2014, October 2014, February 2015, April 2015, October 2015, and February 2016. At each of these meetings the board provided a consensus forecast of economic activity in Nebraska and determined the forecast of the General Fund revenue receipts.