FOR IMMEDIATE RELEASE:
March 11, 2005
FOR INFORMATION CONTACT:
Mary J. Egr Edson, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — FEBRUARY, 2005
LINCOLN -- State Tax Commissioner Mary Jane Egr Edson reported Friday that total gross General Fund receipts for the month of February were $299,686,758. That is 0.2 percent above the projected amount of $298,981,000. For the month of February, gross Individual Income, Corporate Income and Miscellaneous taxes were ahead of projections by 0.8, 30.8, and 12.1 percent, respectively.
Total refunds for the month of February were $98,012,438 which is 9.4 percent above the projected amount of $89,567,000.
Egr Edson also said that net receipts were below projections for the month of February by $7,739,680. After refunds, total net receipts for the month were $201,674,320, or 3.7 percent below the projected amount of $209,414,000. For the month of February, net Sales and Use, and Individual Income taxes were below forecast by 2.0 and 7.3 percent, respectively.
Egr Edson also said that net receipts were ahead of projections for the first eight months of fiscal year 2004-05 by $132,236,355. After refunds, total net receipts for the fiscal year through February were $1,926,217,355, which is above the projected total of $1,793,981,000 by 7.4 percent. For the year to date, net General Fund receipts for Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above the forecast by 5.8, 6.3, 30.5 and 11.8 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 27, 2004. This forecast was adjusted for legislation passed by the 2004 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 13, 2004. The Nebraska Economic Forecasting Advisory Board met on October 29, 2004, and revised the fiscal year 2004-05 upward by $90,521,000, from $2,775,479,000 to $2,866,000,000. The forecasting board met again on February 25, 2005, and revised the forecast for the current fiscal year upward by $83,000,000 from $2,866,000,000 to $2,949,000,000. This results in a total upward revision of $173,521,000 for fiscal year 2004-05 from the original certified forecast, made in February 2004, through February 2005. By statute, neither the October 2004 nor the February 2005 forecast were certified. The comparisons contained in this release are made on the basis of the February 2004 certified forecast.
APPROVED:
Mary J. Egr Edson
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $188,973,714 | $183,846,000 | 5,127,714 | 2.8 | $188,973,714 | $183,846,000 | 5,127,714 | 2.8 |
| August | 272,764,013 | 247,319,000 | 25,445,013 | 10.3 | 461,737,727 | 431,165,000 | 30,572,727 | 7.1 |
| September | 283,094,494 | 275,205,000 | 7,889,494 | 2.9 | 744,832,221 | 706,370,000 | 38,462,221 | 5.4 |
| October | 185,175,490 | 167,966,000 | 17,209,490 | 10.2 | 930,007,710 | 874,336,000 | 55,671,710 | 6.4 |
| November | 253,273,269 | 228,411,000 | 24,862,269 | 10.9 | 1,183,280,980 | 1,102,747,000 | 80,533,980 | 7.3 |
| December | 255,610,893 | 242,138,000 | 13,472,893 | 5.6 | 1,438,891,873 | 1,344,885,000 | 94,006,873 | 7 |
| January | 285,651,163 | 239,682,000 | 45,969,163 | 19.2 | 1,724,543,036 | 1,584,567,000 | 139,976,036 | 8.8 |
| February | 201,674,320 | 209,414,000 | (7,739,680) | (3.7) | 1,926,217,355 | 1,793,981,000 | 132,236,355 | 7.4 |
| FEBRUARY ACTUAL |
FEBRUARY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $108,121,643 | $112,268,000 | ($4,146,357) | (3.7) | $1,050,129,140 | $1,015,910,000 | $34,219,140 | 3.4 |
| Ind Income Tax | 170,358,879 | 168,996,000 | 1,362,879 | 0.8 | 967,134,466 | 907,892,000 | 59,242,466 | 6.5 |
| Corp Income Tax | 9,458,597 | 7,233,000 | 2,225,597 | 30.8 | 114,877,448 | 100,929,000 | 13,948,448 | 13.8 |
| Misc Taxes | 11,747,640 | 10,484,000 | 1,263,640 | 12.1 | 118,674,752 | 105,966,000 | 12,708,752 | 12.0 |
| Total Gross | $299,686,758 | $298,981,000 | $705,758 | 0.2 | $2,250,815,806 | $2,130,694,000 | $120,121,806 | 5.6 |
| REFUNDS |
||||||||
| Total Refunds | $ 98,012,438 | $ 89,567,000 | $ 8,445,438 | 9.4 | $ 324,598,451 | $ 336,714,000 | ($12,115,549) | (3.6) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $79,031,306 | $80,620,000 | ($1,588,694) | (2.0) | $835,526,126 | $790,004,000 | $45,522,126 | 5.8 |
| Ind Income Tax | 104,863,823 | 113,155,000 | (8,291,177) | (7.3) | 877,466,775 | 825,499,000 | 51,967,775 | 6.3 |
| Corp Income Tax | 6,132,090 | 5,207,000 | 925,090 | 17.8 | 95,237,814 | 72,985,000 | 22,252,814 | 30.5 |
| Misc Taxes | 11,647,101 | 10,433,000 | 1,214,101 | 11.6 | 117,986,640 | 105,492,000 | 12,494,640 | 11.8 |
| Total Net | $201,674,320 | $209,414,000 | ($7,739,680) | (3.7) | 1,926,217,355 | $1,793,981,000 | $132,236,355 | 7.4 |
*The projected amounts used in this comparison were set at the February 27, 2004 meeting of the Nebraska Economic Forecasting Advisory Board.