FOR IMMEDIATE RELEASE:
February 8, 2008

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700

GENERAL FUND RECEIPTS — JANUARY, 2008

LINCOLN — Tax Commissioner Douglas Ewald reported Friday that total gross General Fund receipts for the month of January were $342,570,576. That is 4.7 percent below the projected amount of $359,522,000. For the month of January, gross Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were below forecast by 3.9, 4.9, 16.0 and 5.7 percent, respectively.

Total refunds for the month of January were $54,964,975 which is 15.6 percent above the projected amount of $47,563,000.

Ewald also said that net receipts were below projections for the month of January by $24,354,220. After refunds, total net receipts for the month were $287,605,780, or 7.8 percent below the projected amount of $311,960,000. For the month of January, net Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were below projections by 6.7, 7.9, 39.8 and 5.6 percent, respectively.

Ewald also said that fiscal year-to-date net receipts were below projections for the first seven months of fiscal year 2007-08 by $4,960,361. After refunds, total net receipts for the fiscal year through January were $1,976,286,639, which is below the projected total of $1,981,247,000 by 0.3 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, Corporate Income and Miscellaneous taxes were below forecast by 0.6, 5.5 and 8.2 percent, respectively. Fiscal year-to-date net Individual Income taxes are above forecast by 1.8 percent.

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 26, 2007. This forecast was adjusted for legislation passed by the 2007 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2007. On October 26, the forecasting board met and revised the fiscal year 2007‑08 forecast upward by $68.8 million dollars. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the April 2007 certified forecast.

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Research Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2007-2008

 

TOTAL
ACTUAL NET
RECEIPTS

TOTAL
PROJECTED
NET RECEIPTS

DIFFERENCE

PERCENT
DIFFERENCE

CUMULATIVE
ACTUAL NET
RECEIPTS

CUMULATIVE
PROJECTED
NET RECEIPTS

CUMULATIVE
DIFFERENCE

CUMULATIVE
PERCENT
DIFFERENCE

July $204,650,626 $212,327,000 (7,676,373) (3.6) $204,650,626 $ 212,327,000 (7,676,373) (3.6)
August 293,314,872 307,436,000 (14,121,127) (4.6) 497,965,498 519,763,000 (21,797,501) (4.2)
September 379,919,253 347,809,000 32,110,253 9.2 877,884,751 867,572,000 10,312,751 1.2
October 202,832,479 206,103,000 (3,270,521) (1.6) 1,080,717,230 1,073,675,000 7,042,230 0.7
November 300,868,414 291,326,000 9,542,414 3.3 1,381,585,644 1,365,001,000 16,584,644 1.2
December 307,095,215 304,286,000 2,809,215 0.9 1,688,680,859 1,669,287,000 19,393,859 1.2
January 287,605,780 311,960,000 (24,354,220) (7.8) 1,976,286,639 1,981,247,000 (4,960,361) (0.3)

Comparison of Actual and Projected General Fund Receipts by Major Source for January 2008
and Cumulative Fiscal Year 2007-2008

  JANUARY
ACTUAL		 JANUARY
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$ 169,757,090
$ 176,603,000
($ 6,845,910)
(3.9)
$ 1,022,520,227
$ 1,000,611,000
$ 21,909,227
2.2
Ind Income Tax
150,434,364
158,134,000
(7,699,637)
(4.9)
1,014,768,018
988,012,000
26,756,018
2.7
Corp Income Tax
8,036,108
9,571,000
(1,534,892)
(16)
142,461,425
142,674,000
(212,575)
(0.1)
Misc Taxes
14,343,194
15,214,000
(870,806)
(5.7)
117,382,246
128,157,000
-10,774,754
(8.4)
Total Gross
$ 342,570,756
$ 359,522,000
($ 16,951,244)
(-4.7)
$ 2,297,131,916
$ 2,259,451,000
$ 37,680,916
1.7

REFUNDS

Total Refunds
$54,964,975
$47,563,000
$7,401,975
15.6
$320,845,276
$278,205,000
$42,640,276
15.3
NET RECEIPTS
Sales & Use Tax
$ 137,816,776
$ 147,661,000
($ 9,844,224)
(6.7)
$ 782,081,690
$ 786,893,000
($ 4,811,310)
(0.6)
Ind Income Tax
131,890,175
143,190,000
(11,299,825)
(7.9)
968,401,647
951,738,000
16,663,647
1.8
Corp Income Tax
3,578,722
5,942,000
(2,363,278)
(39.8)
108,655,953
114,950,000
(6,294,047)
(5.5)
Misc Taxes
14,320,108
15,166,000
(845,892)
(5.6)
117,147,350
127,667,000
(10,519,650)
(8.2)
Total Net
$ 287,605,780
$ 311,960,000
($ 24,354,220)
(7.8)
$ 1,976,286,639
$ 1,981,247,000
($ 4,960,361)
(0.3)

*The projected amounts used in this comparison were set at the April 26, 2007 meeting of the Nebraska Economic Forecasting Advisory Board.