LINCOLN — Nebraska’s projected budget hole just widened to approximately $451 million following new economic forecasts.

Nebraska’s Economic Forecasting Advisory Board met Friday to update state revenue projections for the current two-year budget cycle. Members lowered their previous tax revenue projections from April by about $367 million over the two years.

The current projected deficit listed in Nebraska’s general fund financial status stands at about $95 million, which would bring the new deficit up to about $462 million if the tally were added straight from Friday’s meeting. However, Legislative Fiscal Analyst Keisha Patent said several other factors contributing to state finances mean the projected deficit is expected to rise about $355 million, to reach an estimated $451 million gap.

Gov. Jim Pillen, in a statement, acknowledged the lower receipts and said he had anticipated the need for belt-tightening, which is why he said he seeks “critical” work to trim $500 million a year from the budget over the next two years.

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