FOR IMMEDIATE RELEASE:
March 10, 2004
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — FEBRUARY 2004
LINCOLN — State Tax Commissioner Mary Jane Egr reported Wednesday that total gross General Fund receipts for the month of February 2004 were $295,162,853. That is 3.1 percent above the revised projection of $286,196,000. For the month of February, gross Individual Income and Miscellaneous taxes were above projections by 4.6 and 27.1 percent, respectively.
Total refunds for the month of February were $88,939,236, which is 0.5 percent above the revised projection of $88,539,000.
Egr said that net receipts were above revised projections for the month of February by $8,566,617. After refunds, total net receipts for the month were $206,223,617, or 4.3 percent above the projected amount of $197,657,000. For the month, net General Fund receipts for Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above the revised forecast by 4.0, 1.7, 28.4 and 4.3 percent, respectively. After refunds, total net receipts for fiscal year 2003-04 to date are $1,718,479,188, which is below the revised total of $1,729,545,385 by 0.6 percent. For the first eight months of the fiscal year, net General Fund receipts for Sales and Use, and Individual Income taxes were below forecast by 1.9 and 1.6 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 February 27, 2004 meeting of the Forecasting Board, the forecast for fiscal year 2003-04 was revised downward by $41,000,000. By law, the forecast will be recertified by March 15, and used for comparisons of General Fund receipts beginning with next month’s comparisons of March receipts to forecast.
APPROVED:
Mary Jane Egr
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| 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 | 161,236,973 | 161,200,802 | 36,171 | 0 | 826,422,558 | 826,386,385 | 36,173 | 0 |
| November | 219,893,391 | 212,543,000 | 7,350,391 | 3.5 | 1,046,315,949 | 1,038,929,385 | 7,386,564 | 0.7 |
| December | 234,683,262 | 247,593,000 | (12,909,738) | (5.2) | 1,280,999,211 | 1,286,522,385 | (5,523,174) | (0.4) |
| January | 231,274,360 | 245,366,000 | (14,091,640) | (5.7) | 1,512,273,572 | 1,531,888,385 | (19,614,813) | (1.3) |
| February | 206,223,617 | 197,657,000 | 8,566,617 | 4.3 | 1,718,497,188 | 1,729,545,385 | (11,048,197) | (0.6) |
| FEBRUARY ACTUAL |
FEBRUARY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $108,484,471 | $109,316,000 | ($831,529) | (0.8) | $965,936,272 | $978,341,382 | ($12,405,110) | (1.3) |
| Ind Income Tax | 168,078,299 | 160,682,000 | 7,396,299 | 4.6 | 886,942,876 | 896,320,805 | (9,377,929) | (1.0) |
| Corp Income Tax | 6,955,910 | 7,039,000 | (83,090) | (1.2) | 95,427,531 | 91,839,174 | 3,588,357 | 3.9 |
| Misc Taxes | 11,644,173 | 9,159,000 | 2,485,173 | 27.1 | 97,746,706 | 87,670,669 | 10,076,037 | 11.5 |
| Total Gross | $295,162,853 | $286,196,000 | $8,966,853 | 3.1 | $2,046,053,386 | $2,054,171,029 | ($8,117,643) | (0.4) |
| REFUNDS | ||||||||
| Total Refunds | $88,939,236 | $88,539,000 | $400,236 | 0.5 | $327,556,197 | $324,626,642 | $2,929,555 | 0.9 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $79,034,320 | $76,018,000 | $3,016,320 | 4 | $746,731,695 | $761,457,515 | ($14,725,820) | (1.9) |
| Ind Income Tax | 109,950,371 | 108,127,000 | 1,823,371 | 1.7 | 802,961,730 | 816,401,877 | (13,440,147) | (1.6) |
| Corp Income Tax | 5,636,459 | 4,389,000 | 1,247,459 | 28.4 | 71,548,096 | 64,484,173 | 7,063,923 | 11 |
| Misc Taxes | 11,602,466 | 9,123,000 | 2,479,466 | 27.2 | 97,255,668 | 87,200,820 | 10,054,848 | 11.5 |
| Total Net | $206,223,617 | $197,657,000 | $8,566,617 | 4.3 | 1,718,497,188 | $1,729,545,385 | ($11,048,197) | (0.6) |
*The projected amounts used in this comparison were set at the October 31, 2003 meeting of the Nebraska Economic Forecasting Advisory Board.