FOR IMMEDIATE RELEASE:
January 12, 2004
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — DECEMBER, 2003
LINCOLN — State Tax Commissioner Mary Jane Egr reported Monday that total gross General Fund receipts for the month of December 2003 were $271,702,908. That is 3.6 percent below the revised projection of $281,960,000. For the month of December, gross Sales and Use, and Individual Income taxes were below projections by 7.2 and 5.6 percent, respectively.
Total refunds for the month of December were $35,760,432, which is 4.1 percent above the revised projection of $34,367,000.
Egr said that net receipts were below revised projections for the month of December by $11,650,524. After refunds, total net receipts for the month were $235,942,476, or 4.7 percent below the projected amount of $247,593,000. For the month, net General Fund receipts for Sales and Use, and Individual Income taxes were below the revised forecast by 9.8, and 5.9 percent, respectively. After refunds, total net receipts for fiscal year 2003-04 to date are $1,283,521,183, which is below the December revised total of $1,286,522,385 by 0.2 percent. For the first half of the fiscal year, net General Fund receipts for Sales and Use, and Individual Income taxes were below forecast by 2.4 and 0.1 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 31, 2003. This 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 14, 2003. At the October 31 meeting of the Forecasting Board, the forecast for fiscal year 2003-04 was revised downward by $80,975,000. By law, this revised forecast will be used for future comparisons of General Fund receipts.
APPROVED:
Mary Jane Egr
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE PERCENT DIFFERENCE |
|
| July | $170,796,439 | $170,796,439 | 0 | 0 | $170,796,439 | $170,796,439 | 0 | 0 |
| August | 237,996,409 | 237,996,407 | 2 | 0 | 408,792,848 | 408,792,846 | 2 | 0 |
| September | 256,392,737 | 256,392,737 | (0) | (0.0) | 665,185,585 | 665,185,583 | 2 | 0 |
| October | 161,200,802 | 161,200,802 | 0 | 0 | 826,386,387 | 826,386,385 | 2 | 0 |
| November | 221,192,320 | 212,543,000 | 8,649,320 | 4.1 | 1,047,578,707 | 1,038,929,385 | 8,649,322 | 0.8 |
| December | 235,942,476 | 247,593,000 | (11,650,524) | (4.7) | 1,283,521,183 | 1,286,522,385 | (3,001,202) | (0.2) |
| DECEMBER ACTUAL |
DECEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $125,506,080 | $135,206,000 | ($9,699,920) | (7.2) | $702,453,140 | $712,226,382 | ($9,773,242) | (1.4) |
| Ind Income Tax | 108,199,173 | 114,596,000 | (6,396,827) | (5.6) | 622,960,896 | 624,154,805 | (1,193,909) | (0.2) |
| Corp Income Tax | 27,214,578 | 23,838,000 | 3,376,578 | 14.2 | 80,524,384 | 77,397,174 | 3,127,210 | 4 |
| Misc Taxes | 10,783,077 | 8,320,000 | 2,463,077 | 29.6 | 75,502,508 | 70,934,669 | 4,567,839 | 6.4 |
| Total Gross | $271,702,908 | $281,960,000 | ($10,257,092) | (3.6) | $1,481,440,928 | $1,484,712,029 | ($3,271,101) | (0.2) |
| REFUNDS | ||||||||
| Total Refunds | $35,760,432 | $34,367,000 | $1,393,432 | 4.1 | $197,919,745 | $198,190,642 | ($270,897) | (0.1) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $97,727,839 | $108,370,000 | ($10,642,161) | (9.8) | $541,528,959 | $554,696,515 | ($13,167,556) | (2.4) |
| Ind Income Tax | 106,072,052 | 112,733,000 | (6,660,948) | (5.9) | 605,052,950 | 605,412,877 | (359,927) | (0.1) |
| Corp Income Tax | 21,377,485 | 18,211,000 | 3,166,485 | 17.4 | 61,845,856 | 55,884,173 | 5,961,683 | 10.7 |
| Misc Taxes | 10,765,100 | 8,279,000 | 2,486,100 | 30 | 75,093,419 | 70,527,820 | 4,565,599 | 6.5 |
| Total Net | $235,942,476 | $247,593,000 | ($11,650,524) | (4.7) | $1,283,521,183 | $1,286,522,385 | ($3,001,202) | (0.2) |
*The projected amounts used in this comparison were set at the October 31, 2003 meeting of the Nebraska Economic Forecasting Advisory Board.