FOR IMMEDIATE RELEASE:
March 13, 2003
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — FEBRUARY, 2003
LINCOLN — State Tax Commissioner Mary Jane Egr reported Thursday that total gross General Fund receipts for February 2003, the eighth month of fiscal year 2002-03, were $277,246,670. That is 5.4 percent above the revised projection of $263,037,000. For the month of February, Gross Individual Income and Corporate Income taxes were above revised projections by 10.1 and 59.5 percent, respectively.
Total refunds for the month of February were $89,080,381, which is 6.5 percent above the projected amount of $83,656,000.
Egr said that net receipts were above revised projections for the month of February by $8,785,290. After refunds, total net receipts for the month were $188,166,290, or 4.9 percent above the projected amount of $179,381,000. For the month of February, net General Fund receipts for Individual Income and Corporate Income taxes were ahead of forecast by 6.1 and 139.4 percent, respectively.
Egr also said that net receipts were behind revised projections for the first eight months of the fiscal year by $14,518,086. After refunds, total net receipts for fiscal year 2002-03 to date are $1,625,752,914, which is below the projected total of $1,640,271,000 by 0.9 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes were below forecast by 1.8, 3.6, and 3.6 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. Forecast comparisons based on the February 28, 2003 meeting of the Forecasting Board will begin with March receipts.
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) |
| February | 188,166,290 |
179,381,000 |
8,785,290 |
4.9 |
1,625,752,914 |
1,640,271,000 |
(14,518,086) |
(0.9) |
| FEBRUARY ACTUAL |
FEBRUARY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $101,371,967 | $103,783,000 | ($2,411,033) | (2.3) | $887,788,611 | $906,977,000 | ($19,188,389) | (2.1) |
| Ind Income Tax | 157,725,200 | 143,245,000 | 14,480,200 | 10.1 | 864,644,332 | 865,727,000 | (1,082,668) | (0.1) |
| Corp Income Tax | 10,109,257 | 6,339,000 | 3,770,257 | 59.5 | 80,210,855 | 82,684,000 | (2,473,145) | (3.0) |
| Misc Taxes | 8,040,247 | 9,670,000 | (1,629,753) | (16.9) | 111,954,307 | 116,047,000 | (4,092,693) | (3.5) |
| Total Gross | $277,246,670 | $263,037,000 | $14,209,670 | 5.4 | $1,944,598,105 | $1,971,435,000 | ($26,836,895) | (1.4) |
| REFUNDS | ||||||||
| Total Refunds | $89,080,381 | $83,656,000 | $5,424,381 | 6.5 | $318,845,191 | $331,164,000 | ($12,318,809) | (3.7) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $68,772,641 | $69,317,000 | ($544,359) | (0.8) | $688,330,298 | $682,668,000 | $5,662,298 | 0.8 |
| Ind Income Tax | 102,701,013 | 96,800,000 | 5,901,013 | 6.1 | 780,287,793 | 794,535,000 | (14,247,207) | (1.8) |
| Corp Income Tax | 8,691,567 | 3,630,000 | 5,061,567 | 139.4 | 45,603,658 | 47,324,000 | (1,720,342) | (3.6) |
| Misc Taxes | 8,001,068 | 9,634,000 | (1,632,932) | (16.9) | 111,531,165 | 115,745,000 | (4,213,835) | (3.6) |
| Total Net | $188,166,290 | $179,381,000 | $8,785,290 | 4.9 | 1,625,752,914 | $1,640,271,000 | ($14,518,086) | (0.9) |
*The projected amounts used in this comparison were set at the October 25, 2002 meeting of the Nebraska Economic Forecasting Advisory Board.