FOR IMMEDIATE RELEASE:
January 9, 2001

FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Research Administrator
402/471-5700

GENERAL FUND RECEIPTS — DECEMBER 2000

State Tax Commissioner Mary Jane Egr reported Tuesday that total gross General Fund receipts for the first half of fiscal year 2000-01 were $1,316,246,691. That is 0.4 percent below the projected amount of $1,321,075,000. Total gross receipts remain ahead of projections for Individual Income, Corporate Income, and Miscellaneous taxes by 1.4, 3.4, and 2.9 percent, respectively, and lag behind the forecast in Sales and Use tax collections by 2.9 percent. Total gross receipts for the month of December 2000, were $228,197,203, below the projection of $239,458,000 by 4.7 percent. For the month, gross Sales and Use, Individual Income, and Miscellaneous taxes fell below projections by 11.1, 2.0, and 1.3 percent, respectively.

Total refunds for the first half of the fiscal year are $185,640,062, which is 1.8 percent below the projected amount of $189,086,000.

Egr also said that net receipts were short of projections for the first half of the fiscal year by $1,380,371. After refunds, total net receipts for fiscal year 2000-01 to date are $1,130,606,629, below the projected total of $1,131,987,000 by 0.1 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes exceeded the forecast by 2.4, 11.4, and 3.1 percent, respectively.

Total net general fund revenue for the month of December was $199,284,303, or 3.4 percent below the projected amount of $206,365,000. Net tax receipts for the month of December were behind of the forecast for Sales and Use, Individual Income, and Miscellaneous taxes by 10.0, 1.8, and 1.5 percent, respectively.

As required by law, the comparisons are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2000. This forecast was adjusted for legislation passed by the 2000 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst.

APPROVED:
Mary Jane Egr
State Tax Commissioner

DEPARTMENT OF REVENUE

Research Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2000-2001

  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 $149,763,118 $144,661,000 $5,102,118 3.5 $149,763,118 $144,661,000 $5,102,118 3.5
August 197,820,816 211,058,000 (13,237,184) (6.3) 347,583,934 355,719,000 (8,135,066) (2.3)
September 247,291,683 235,390,000 11,901,683 5.1 594,875,617 591,109,000 3,766,617 0.6
October 142,376,893 149,347,000 (6,970,107) (4.7) 737,252,510 740,456,000 (3,203,490) (0.4)
November 194,069,816 185,166,000 8,903,816 4.8 931,322,326 925,622,000 5,700,326 0.6
December 199,284,303 206,365,000 (7,080,697) (3.4) 1,130,606,629 1,131,987,000 (1,380,371) (0.1)


Comparison of Actual and Projected General Fund Receipts by Major Source for December 2000
and Cumulative Fiscal Year 2000-2001

  DECEMBER
ACTUAL		 DECEMBER
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax $89,616,121 $100,785,000 ($11,168,879) (11.1) $584,794,021 $602,551,000 ($17,756,979) (2.9)
Ind Income Tax 97,106,258 99,128,000 (2,021,742) (2.0) 570,536,641 562,551,000 7,985,641 1.4
Corp Income Tax 31,010,934 28,940,000 2,070,934 7.2 87,479,536 84,636,000 2,843,536 3.4
Misc Taxes 10,463,889 10,605,000 (141,111) (1.3) 73,436,494 71,335,000 2,101,494 2.9
Total Gross $228,197,203 $239,458,000 ($11,260,797) (4.7) $1,316,246,691 $1,321,075,000 ($4,828,309) (0.4)
REFUNDS
Total Refunds $28,912,900 $33,093,000 ($4,180,100) (12.6) $185,640,062 $189,086,000 ($3,443,938) (1.8)
NET RECEIPTS
Sales & Use Tax $68,069,837 $75,642,000 ($7,572,163) (10.0) $437,764,465 $460,962,000 ($23,197,535) (5.0)
Ind Income Tax 95,391,775 97,109,000 (1,717,225) (1.8) 556,823,265 543,632,000 13,191,265 2.4
Corp Income Tax 25,408,157 23,039,000 2,369,157 10.3 62,801,127 56,395,000 6,406,127 11.4
Misc Taxes 10,414,534 10,575,000 (160,466) (1.5) 73,217,772 70,996,000 2,221,772 3.1
Total Net $199,284,303 $206,365,000 ($7,080,697) (3.4) $1,130,606,629 $1,131,987,000 ($1,380,371) (0.1)

*The projected amounts used in this comparison were set at the February 25, 2000 meeting of the Nebraska Economic Forecasting Advisory Board.

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