FOR IMMEDIATE RELEASE:
January 8, 2010
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — DECEMBER, 2009
LINCOLN — December Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for December were $339 million, which is 6.4% below the recertified forecast of $363 million.
| • Gross Sales and Use: | 4.7% below forecast |
| • Gross Individual Income: | 9.9% below forecast |
| • Gross Corporate Income: | 0.4% below forecast |
| • Gross Miscellaneous: | 3.7% below forecast |
December Tax Refunds: Tax refunds for December were $51 million, which is 17.0% above the recertified forecast of $44 million.
December Net Receipts: Net receipts for December were $288 million, which is 9.6% below the recertified forecast of $319 million.
| • Net Sales and Use: | 6.0% below forecast |
| • Net Individual Income: | 14.7% below forecast |
| • Net Corporate Income: | 4.3% below forecast |
| • Net Miscellaneous: | 3.7% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $1,292 million, which is 0.2% below the recertified forecast of $1,294 million.
| • Net Sales and Use: | 0.4% below forecast |
| • Net Individual Income: | 2.4% below forecast |
| • Net Corporate Income: | 10.9% below forecast |
| • Net Miscellaneous: | 4.2% below forecast |
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 27, 2009. At this meeting, the Forecasting Board revised downward its forecast of General Fund revenue for FY2009-10 by $125.3 million. As required by law, the forecast was recertified, taking into account $37.4 million in cash fund transfers to the General Fund passed during the November special session of the Legislature. The adjusted Board forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on December 15, 2009. Receipts in this forecast are compared to the forecast recertified in December.
Previous monthly press releases are found at 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 2009-2010
TOTAL |
TOTAL PROJECTED NET RECEIPTS* |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$197,807,239 | $197,807,000 | 0 | 0.0% | $197,807,239 | $197,807,000 | 0 | 0.0% |
August |
304,152,215 | 304,152,000 | 0 | 0.0 | 501,959,454 | 501,959,000 | 0 | 0.0 |
September |
316,998,914 | 316,999,000 | 0 | 0.0 | 818,958,368 | 818,958,000 | 0 | 0.0 |
October |
193,978,280 | 193,978,000 | 0 | 0.0 | 1,012,936,649 | 1,012,936,000 | 0 | 0.0 |
November |
278,753,945 | 281,098,000 | (2,344,055) | (0.8) | 1,291,690,594 | 1,294,034,000 | (2,343,406) | (0.2) |
December |
288,185,977 | 318,957,000 | (30,771,023) | (9.6) | 1,579,876,570 | 1,612,991,000 | (33,114,430) | (2.1) |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for December 2009
and Cumulative
Fiscal Year 2009-2010
| DECEMBER ACTUAL |
DECEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$138,773,665 |
$145,676,000 |
($6,902,335) |
(4.7%) |
$838,286,966 |
$ 840,090,000 |
($1,803,034) |
(0.2%) |
Ind. Income Tax |
137,288,199 |
152,388,000 |
(15,099,801) |
(9.9) |
808,745,390 |
821,695,000 |
(12,949,610) |
(1.6) |
Corp. Income Tax |
31,768,849 |
31,908,000 |
(139,151) |
(0.4) |
94,582,960 |
95,142,000 |
(559,040) |
(0.6) |
Misc. Taxes |
31,336,460 |
32,544,000 |
(1,207,540) |
(3.7) |
109,564,263 |
114,347,000 |
(4,782,737) |
(4.2) |
Total Gross |
$339,167,173 | $362,517,000 | ($23,349,827) |
(6.4%) |
$1,851,179,579 |
$1,871,277,000 |
($20,097,421) |
(1.1%) |
REFUNDS |
||||||||
Total Refunds |
$50,981,196 |
$43,559,000 |
$7,422,196 |
17.0% |
$271,303,009 |
$258,283,000 |
$13,020,009 |
5.0% |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$106,183,272 |
$112,932,000 |
($ 6,748,728) |
(6.0%) |
$647,536,436 |
$650,259,000 |
($2,722,564) |
(0.4%) |
Ind. Income Tax |
126,335,229 |
148,075,000 |
(21,739,771) |
(14.7) |
764,750,392 |
783,304,000 |
(18,553,608) |
(2.4) |
Corp. Income Tax |
24,331,030 |
25,426,000 |
(1,094,970) |
(4.3) |
58,030,648 |
65,126,000 |
(7,095,352) |
(10.9) |
Misc. Taxes |
31,336,446 |
32,524,000 |
(1,187,554) |
(3.7) |
109,559,094 |
114,304,000 |
(4,744,906) |
(4.2) |
Total Net |
$288,185,977 | $318,957,000 |
($30,771,023) |
(9.6%) |
$1,579,876,570 |
$1,612,991,000 |
($33,114,430) |
(2.1%) |
*The projected amounts used in this comparison were set at the October 27, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on December 15, 2009.
