Nebraska Pulse Political Blog

News and Views about Politics in the Great State of Nebraska

Governor Receives Final Budget, Signature Expected

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The Legislature moved a $3.4 billion budget Friday to Gov. Dave Heineman for his review.

It includes a 2 percent cut for most state agencies — on top of a 5 percent cut approved in a November special session — and a $3 million transfer from the $324 million cash reserve, needed to help cover an approximate $45 million shortfall.

Speaker Mike Flood thanked the Appropriations Committee, its staff and the rest of the Legislature for passing the 2010-11 budget.

“Might I remind you, in every other state in the nation what we did today takes weeks, 24 hours of work, bitter fights and constant disagreement,” he said. “People in other states can’t believe what we accomplish when we work together.”

Nebraska has a unique situation with a nonpartisan Unicameral Legislature. Most of the hard work and disagreements happen in the Appropriations Committee as the nine members hammer out a budget proposal to present to the full Legislature.

By the time all senators get it, compromises have been worked out.

And the $45 million budget gap isn’t as bad some other state’s shortfalls.

Iowa, for example, is working on a $5.3 billion budget that includes a 10 percent across-the-board spending cut that will help to fill a $341 million budget gap.

Kansas is looking at a budget deficit that could reach $500 million and is considering proposals to cut millions in social services or a possible income tax increase.

Nebraska is anticipating more pain in the next two-year budget.

This session’s main budget bill included a requirement, proposed by Omaha Sen. Heath Mello, for state agencies to develop efficiency plans that could include consolidating programs, streamlining services and moving to a four-day work week.

Agencies are working on those plans along with figuring out how to cut another 2 percent.

State Education Commissioner Roger Breed said his department is looking at any and all considerations for its additional $230,000 cut.

He, his deputy and assistant will not get salary increases, but because of the minimal increases the staff has received the past several years, they will not be included in the freeze, he said.

The Foster Care Review Board will institute a wage freeze for its six administrative staffers, including Executive Director Carol Stitt, for an $11,000 savings toward its $27,708 cut. The remainder will be taken from personnel savings, including vacancies and filling one position with a 2/3 rather than full-time worker.

The Department of Health and Human Services is starting to look at how it will cut 2 percent more in its administrative division. It will consider leaving vacancies open and consolidating offices, for example, said CEO Kerry Winterer.

Unicameral Moves to Regulate Personal Injury Installment Payment Advances

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Nebraska lawmakers want to regulate a relatively new industry that lends money to people who are injured and awaiting money from settlements.

They gave first-round approval Tuesday to a bill (LB1094) that would do so.

It would require the companies to register with the state, post bonds, allow people to cancel contracts with them during a five-day window and clearly show how much is being charged, among other things.

The companies lend money to people who are injured and sometimes desperate for money because they can’t work.

If the injured receive financial settlements for their injuries, the companies then get a percentage of the settlements that Sen. Steve Lathrop of Omaha said sometimes are equivalent to charging 30 percent to 40 percent interest.

Big Government Policies Risk U.S. AAA Credit Rating

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Bloomberg.com reports, “The bond market is saying that it’s safer to lend to Warren Buffett than Barack Obama,” as data compiled by Bloomberg shows “the $2.59 trillion of Treasury Department sales since the start of 2009 have created a glut as the budget deficit swelled to a post-World War II-record 10% of the economy.”

The national debt has suddenly “raised concerns whether the U.S. deserves its AAA credit rating.”

Bloomberg reports that “last year’s $2.1 trillion in borrowing by the government exceeded the $1.08 trillion issued by investment-grade companies, the biggest gap ever.”

One expert said the “last time he can recall that a corporate bond yield traded below Treasuries” was in the mid-1980s.

Nebraska governor offers sobering budget forecast

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Governor Heineman laid out a more sobering forecast for the state budget Wednesday morning, saying the worsening economy will allow little to no growth in state spending for the next few years. Speaking to a water policy group, the governor said he would oppose any attempts to raise taxes in 2009.

He said the state’s record cash reserve, which is approaching $574 million, should be used only for one-time expenditures or to avoid tax increases. “Everyone thinks the cash reserve is going to solve all of our problems. It’s not,” Heineman told a gathering of the Water Roundtable.

Heineman said that while Nebraska is one of nine states not facing a budget crisis, the state is starting to feel the effects of the nationwide recession. That, he said, is expected to worsen the state’s forecasts of tax revenue to no growth or negative growth.

University of Nebraska expands tuition aid program

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University of Nebraska officials want to make sure in-state students know a program to help them afford college has been expanded. NU President James Milliken and Gov. Dave Heineman visited schools in Omaha, Lincoln and Grand Island Monday to tout the Collegebound Nebraska program and encourage students to attend college.

The Collegebound program pays the portion of tuition that the Pell Grant doesn’t cover. The program expanded this fall to include some students who don’t quality for Pell Grants because their families make too much money.

State report shows more reason to hold onto cash reserve

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State government will need most of its cash reserve to keep in the black over the next three years, if the prediction of slow growth in tax revenue continues. That’s according to data in a report from the Legislature’s Fiscal Office presented Wednesday to a tax review committee created to monitor the financial situation for the Legislature.

The state would be in the hole by $377 million at the end of the next two-year budget cycle June 30, 2011 without tapping into the cash reserve and without any major change in the economic climate. That’s the best-case scenario, said Mike Calvert, director of the Fiscal Office, after a meeting with the tax review committee.

The fiscal office analysis is based on the slow growth (less than 1.5% a year) during the two years of the next biennium, a prediction that doesn’t take fully into account the economic problems created by the Wall Street chaos.

Nebraska foreclosure rate among nation’s lowest

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Nebraska continues to have one of the lowest foreclosure rates in the nation. RealtyTrac says the state’s foreclosure rate ranked 49th in the nation in October and remained significantly lower than the national rate.

RealtyTrac says court records show that one out of every 15,497 Nebraska homes were involved in foreclosure, compared to one in every 452 homes nationwide received a foreclosure filing in October. The worst state foreclosure rates are in Nevada, Arizona and Florida.

New Nebraska program aims to help first-time home buyers

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The Nebraska Department of Economic Development has provided more than $1 million to help first time home buyers in central Nebraska. The Housing Development Corporation in Hastings received a $388,000 grant. With the money it is creating a new program it is called the Regional Workforce Initiative. It will allow employees, from various companies, to apply for money to purchase a home.

They must be from low–income families. Applicants could get up to $15,000. The Housing Development Corp. hopes the grant will help retain and recruit employees to central Nebraska.

Nebraska Farm Real Estate Value, Cash Rents Higher

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Nebraska’s farm real estate value rose sharply during 2007, extending a trend that began in 1993, according to the USDA. Farm real estate value on January 1, 2008, averaged $1,460 per acre, a record high. This is up $230 per acre or 19% higher than last year’s level.

Cropland value increased 20% from last year to $2,270 per acre, with dryland acreage averaging $1,950 per acre and irrigated cropland at $2,900. Pastureland, at $530 per acre, was 23% above a year ago. Cash rents paid to landlords for cropland increased from last year and were also a new record high. Irrigated cropland rent averaged $155 per acre, an increase of $16.

Dryland rent increased to $95 per acre, also up $16 from a year earlier. Pasture rented for cash, which averaged $14.20 per acre, rose $.20 from 2007. Find agricultural statistics for your county at www.nass.usda.gov.

Nebraska banks offer a way around FDIC insurance limit

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The recent failure of IndyMac Bancorp left long lines of Californians scurrying to withdraw their money. Nebraska banking industry professionals said Nebraska banks remain secure. Some are even offering additional insurance deposits in excess of Federal Deposit Insurance Corp. protections. A program referred to as CDARS, Certificate of Deposit Account Registry Service, offers additional insurance on deposits larger than the $100,000 insurance FDIC already provides.

CDARS representatives said Cornhusker Bank, Community Bank of Lincoln, Pinnacle Bank, Union Bank & Trust Company and West Gate Bank provide CDARS insurance in Lincoln. “The safest place for your money is in a Nebraska bank,” said George Beattie, president of the Nebraska Bankers Association, a group that represents the banking industry.

“The Nebraska economy is OK, even though we are dealing with inflation of food and painfully high gas prices, we are an island of envy.” Kevin Deaver, senior vice president at Cornhusker Bank, said he thought Nebraska banks were in better shape, in general, than those on the coasts. “I think we are more conservative by nature in the Midwest,” he said.