FOR IMMEDIATE RELEASE:
March 11, 2009

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700

GENERAL FUND RECEIPTS — FEBRUARY, 2009

LINCOLN — February Gross Receipts: Tax Commissioner Douglas Ewald reported Wednesday that gross General Fund receipts for February were $364.2 million, which is below the recertified forecast by $0.2 million (slightly below the recertified forecasted amount of $364.4 million).

• Gross Sales and Use:
   0.7% below forecast
• Gross Individual Income:
   0.3% below forecast
• Gross Corporate Income:
 14.2% above forecast
• Gross Miscellaneous:
   2.1% above forecast

February Tax Refunds: Tax refunds for February were $149.4 million, which is 0.3% below the recertified forecast of $149.9 million.

February Net Receipts: Net receipts for February were $214.8 million, which is above the recertified forecast for the month by $0.3 million (0.1% above the recertified forecasted amount of $214.5 million).

• Net Sales and Use:
   0.5% below forecast
• Net Individual Income:
   2.9% above forecast
• Net Corporate Income:
 53.3% below forecast
• Net Miscellaneous:
   4.6% above forecast

Fiscal Year Net Receipts: Net receipts were $2,180.8 million, which is above the recertified forecast for the first eight months of fiscal year 2008-2009 by $0.3 million (slightly above the recertified forecasted amount of $2,180.5 million).

• Net Sales and Use:
  0.1% below forecast
• Net Individual Income:
  0.3% above forecast
• Net Corporate Income:
  2.5% below forecast
• Net Miscellaneous:
  0.5% above forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 27, 2009. This forecast was divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on March 11, 2009. This recertified forecast replaces the original certified forecast, which was based on the forecasting board’s February 22, 2008 forecast, adjusted for legislation passed by the 2008 Legislature, and certified on July 15, 2008.

The February 2009 forecast resulted in a downward revision from the original certified forecast of $66.7 million. By law, downward revisions to a certified forecast are recertified, so the comparisons made in this release are made on the basis of the March 11, 2009 recertified forecast.

Previous monthly press releases are found at http://www.revenue.ne.gov/research/gen_fund.html.

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2008-2009

  

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
 $191,496,1526 $191,496,152 0 0.0% $191,496,152 $191,496,152 0 0.0%
August
 319,749,742 319,749,742 0 0.0 511,245,894 511,245,894 0 0.0
September
 375,452,525 375,452,525 0 0.0 886,698,420 886,698,419 0 0.0
October
 200,955,909 200,955,909 0 0.0 1,087,654,328 1,087,654,328 0 0.0
November
 281,465,428 281,465,428 0 0.0 1,369,119,756 1,369,119,756 0 0.0
December
 308,512,538 308,512,538 0 0.0 1,677,632,295 1,677,632,294 0 0.0
January
 288,413,220 288,413,220 0 0.0 1,966,045,515 1,966,045,514 0 0.0
February
 214,768,866 214,505,000 263,866 0.1 2,180,814,381 2,180,550,514 263,867 0.0

Comparison of Actual and Projected General Fund Receipts by Tax Type
for February 2009 and Cumulative Fiscal Year 2008-2009

   FEBRUARY
ACTUAL		 FEBRUARY
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$129,321,620
$130,191,000
($869,380)
(0.7%)
$1,169,334,821
$1,170,204,000
($869,179)
(0.1%)
Ind. Income Tax
212,583,776
213,230,000
(646,224)
(0.3)
1,194,584,278
1,195,230,000
(645,722)
(0.1)
Corp. Income Tax
8,416,575
7,371,000
1,045,575
14.2
148,155,262
147,109,000
1,046,262
0.7
Misc. Taxes
13,887,801
13,597,000
290,801
2.1
127,266,275
126,976,000
290,275
0.2
Total Gross
 $364,209,772
$364,389,000
($179,228)
0.0
$2,639,340,636
$2,639,519,000
($178,364)
0.0%
REFUNDS
Total Refunds
$149,440,906
$149,883,000
(442,094)
(0.3%)
$458,526,255
$458,968,866
($442,611)
(0.1%)
NET RECEIPTS
Sales & Use Tax
$93,694,909
$94,187,000
($492,091)
(0.5%)
$908,891,937
$909,384,000
($492,063)
(0.1%)
Ind. Income Tax
104,765,221
101,857,000
2,908,221
2.9
1,037,691,946
1,034,783,000
2,908,946
0.3
Corp. Income Tax
2,423,054
5,186,000
(2,762,946)
(53.3)
107,087,003
109,850,000
(2,762,997)
(2.5)
Misc. Taxes
13,885,681
13,275,000
610,681
4.6
127,143,495
126,533,000
610,495
0.5
Total Net
 $214,768,866
$214,505,000
$263,866
0.1%
$2,180,814,381
$2,180,550,514
$263,867

0.0%

*The projected amounts used in this comparison were set at the February 27, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and recertified on March 11, 2009. In the recertified forecast previous months' forecasts were reset to actual values.

February, 2009 Comparison

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