FOR IMMEDIATE RELEASE:
February 11, 2003
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — JANUARY 2003
LINCOLN — State Tax Commissioner Mary Jane Egr reported Tuesday that total gross General Fund receipts for January 2003, the seventh month of fiscal year 2002-03, were $266,614,135. That is 8.5 percent below the revised projection of $291,298,000. For the month of January, Gross Sales and Use, Individual Income, and Miscellaneous taxes were below revised projections by 4.0, 14.6, and 21.1 percent, respectively.
Total refunds for the month of January were $35,106,033, which is 15.8 percent below the projected amount of $41,678,000.
Egr said that net receipts were below revised projections for the month of January by $18,111,898. After refunds, total net receipts for the month were $231,508,102, or 7.3 percent below the projected amount of $249,620,000. For the month of January, net General Fund receipts for Individual Income and Miscellaneous taxes were below the forecast by 19.8 and 21.5 percent, respectively.
Egr also said that net receipts were behind revised projections for the first seven months of the fiscal year by $23,303,376. After refunds, total net receipts for fiscal year 2002-03 to date are $1,437,586,624, which is below the projected total of $1,460,890,000 by 1.6 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes were below forecast by 2.9, 15.5, and 2.4 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) |
| January | 231,508,102 | 249,620,000 | (18,111,898) | (7.3) | 1,437,586,624 | 1,460,890,000 | (23,303,376) | (1.6) |
| JANUARY ACTUAL |
JANUARY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $147,553,978 | $153,776,000 | ($6,222,022) | (4.0) | $786,416,645 | $803,194,000 | ($16,777,355) | (2.1) |
| Ind Income Tax | 103,732,380 | 121,491,000 | (17,758,620) | (14.6) | 706,919,132 | 722,482,000 | (15,562,868) | (2.2) |
| Corp Income Tax | 7,695,265 | 6,352,000 | 1,343,265 | 21.1 | 70,101,598 | 76,345,000 | (6,243,402) | (8.2) |
| Misc Taxes | 7,632,513 | 9,679,000 | (2,046,487) | (21.1) | 103,914,060 | 106,377,000 | (2,462,940) | (2.3) |
| Total Gross | $266,614,135 | $291,298,000 | ($24,683,865) | (8.5) | $1,667,351,435 | $1,708,398,000 | ($41,046,565) | (2.4) |
| REFUNDS | ||||||||
| Total Refunds | $35,106,033 | $41,678,000 | ($6,571,967) | (15.8) | $229,764,811 | $247,508,000 | ($17,743,189) | (7.2) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $125,432,202 | $122,714,000 | $2,718,202 | 2.2 | $619,557,657 | $613,351,000 | $6,206,657 | 1.0 |
| Ind Income Tax | 92,648,784 | 115,464,000 | (22,815,216) | (19.8) | 677,586,780 | 697,735,000 | (20,148,220) | (2.9) |
| Corp Income Tax | 5,844,089 | 1,788,000 | 4,056,089 | 226.9 | 36,912,091 | 43,694,000 | (6,781,909) | (15.5) |
| Misc Taxes | 7,583,028 | 9,654,000 | (2,070,972) | (21.5) | 103,530,097 | 106,111,000 | (2,580,903) | (2.4) |
| Total Net | $231,508,102 | $249,620,000 | ($18,111,898) | (7.3) | $1,437,586,624 | $1,460,890,000 | ($23,303,376) | (1.6) |
*The projected amounts used in this comparison were set at the October 25, 2002 meeting of the Nebraska Economic Forecasting Advisory Board.