FOR IMMEDIATE RELEASE:
January 10, 2003
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — DECEMBER 2002
LINCOLN — State Tax Commissioner Mary Jane Egr reported Friday that total gross General Fund receipts for fiscal year 2002-03 through December were $1,400,737,329. That is 1.2 percent below the revised projected amount of $1,417,100,000. For the month of December 2002, total receipts were $249,167,050, which is below the revised projection of $258,499,000 by 3.6 percent. For the month, gross Sales and Use, Individual Income, and Corporate Income taxes fell short of projections by 2.5, 1.7, and 26.3 percent, respectively.
Total refunds for the first half of the fiscal year were $194,658,777, which is 5.4 percent below the projected amount of $205,830,000.
Egr also said that net General Fund receipts were behind revised projections for the first half of the fiscal year by $5,191,448. After refunds, total net receipts for fiscal year 2002-03 to date are $1,206,078,552, below the projected total of $1,211,270,000 by 0.4 percent. For the year to date, net General Fund receipts for Sales and Use and Individual Income taxes were above the forecast by 0.7 and 0.5 percent, respectively.
Total net general fund revenue for the month of December were $224,281,665, or 4.6 percent above the revised projection of $214,385,000. Net tax receipts for the month of December were ahead of the forecast for Sales and Use and Miscellaneous taxes by 19.4 and 23.6 percent, respectively.
The comparisons are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on October 25, 2002. At this meeting, the board revised downward its forecast of General Fund revenue for fiscal year 2002-03. As required by law, the forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on November 15, 2002.
APPROVED:
Mary Jane Egr
State Tax Commissioner
| 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 | $173,073,810 | $173,074,000 | (190) | (0.0) | $173,073,810 | $173,074,000 | (190) | (0.0) |
| August | 220,370,125 | 220,370,000 | 125 | 0 | 393,443,936 | 393,444,000 | (64) | (0.0) |
| September | 255,406,007 | 255,406,000 | 7 | 0 | 648,849,942 | 648,850,000 | (58) | (0.0) |
| October | 137,779,538 | 137,780,000 | (462) | (0.0) | 786,629,480 | 786,630,000 | (520) | (0.0) |
| November | 195,167,407 | 210,255,000 | (15,087,593) | (7.2) | 981,796,887 | 996,885,000 | (15,088,113) | (1.5) |
| December | 224,281,665 | 214,385,000 | 9,896,665 | 4.6 | 1,206,078,552 | 1,211,270,000 | (5,191,448) | (0.4) |
| DECEMBER ACTUAL |
DECEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $110,599,741 | $113,484,000 | ($2,884,259) | (2.5) | $638,862,667 | $649,418,000 | ($10,555,333) | (1.6) |
| Ind Income Tax | 107,995,457 | 109,820,000 | (1,824,543) | (1.7) | 603,186,752 | 600,991,000 | 2,195,752 | 0.4 |
| Corp Income Tax | 19,240,162 | 26,112,000 | (6,871,839) | (26.3) | 62,406,333 | 69,993,000 | (7,586,667) | (10.8) |
| Misc Taxes | 11,331,690 | 9,083,000 | 2,248,690 | 24.8 | 96,281,577 | 96,698,000 | (416,423) | (0.4) |
| Total Gross | $249,167,050 | $258,499,000 | ($9,331,950) | (3.6) | $1,400,737,329 | $1,417,100,000 | ($16,362,671) | (1.2) |
| REFUNDS | ||||||||
| Total Refunds | $24,885,385 | $44,114,000 | ($19,228,615) | (43.6) | $194,658,777 | $205,830,000 | ($11,171,223) | (5.4) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $92,346,064 | $77,365,000 | $14,981,064 | 19.4 | $494,125,456 | $490,637,000 | $3,488,456 | 0.7 |
| Ind Income Tax | 107,242,658 | 107,590,000 | (347,342) | (0.3) | 584,937,996 | 582,271,000 | 2,666,996 | 0.5 |
| Corp Income Tax | 13,515,710 | 20,390,000 | (6,874,290) | (33.7) | 31,068,002 | 41,906,000 | (10,837,998) | (25.9) |
| Misc Taxes | 11,177,233 | 9,040,000 | 2,137,233 | 23.6 | 95,947,099 | 96,457,000 | (509,901) | (0.5) |
| Total Net | $224,281,665 | $214,385,000 | $9,896,665 | 4.6 | $1,206,078,552 | $1,211,270,000 | ($5,191,448) | (0.4) |
*The projected amounts used in this comparison were set at the October 25, 2002 meeting of the Nebraska Economic Forecasting Advisory Board.