FOR IMMEDIATE RELEASE:
March 12, 2007
FOR INFORMATION CONTACT:
Douglas A. Ewald, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — FEBRUARY, 2007
LINCOLN -- State Tax Commissioner Douglas Ewald reported Monday that total gross General Fund receipts for the month of February were $359,158,453. That is 5.0 percent above the projected amount of $342,141,000. For the month of February, gross Sales and Use, and Individual Income taxes were ahead of projections by 10.0, and 3.6 percent, respectively.
Total refunds for the month of February were $126,723,749 which is 7.9 percent above the projected amount of $117,446,000.
Ewald also said that net receipts were above projections for the month of February by $7,738,703. After refunds, total net receipts for the month were $232,434,703, or 3.4 percent above the projected amount of $224,696,000. For the month of February, net Sales and Use taxes were ahead of projections by 21.9 percent.
Ewald also said that net receipts were ahead of projections for the first eight months of fiscal year 2006-07 by $90,497,921. After refunds, total net receipts for the fiscal year through February were $2,148,972,921, which is above the projected total of $2,058,475,000 by 4.4 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, Individual Income and Miscellaneous taxes were above the forecast by 2.6, 7.1 and 9.2 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2006. This forecast was adjusted for legislation passed by the 2006 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 14, 2006. The Forecasting Board met on October 27, 2006 and revised the forecast for the current fiscal year upward by $99.1 million from $3,216,895,000 to $3,316,000,000. On February 23, 2007, the board met again and revised the forecast upward by an additional $30.0 million, from $3,316,000,000 to $3,346,000,000. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the February 2006 certified forecast.
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APPROVED:
Douglas A. Ewald
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $212,985,876 | $194,379,000 | 18,606,876 | 9.6 | $212,985,876 | $194,379,000 | 18,606,876 | 9.6 |
| August | 292,539,034 | 287,041,000 | 5,498,034 | 1.9 | 505,524,910 | 481,420,000 | 24,104,910 | 5.0 |
| September | 341,292,562 | 316,049,000 | 25,243,562 | 8.0 | 846,817,472 | 797,469,000 | 49,348,472 | 6.2 |
| October | 190,902,339 | 201,412,000 | (10,509,661) | (5.2) | 1,037,719,812 | 998,881,000 | 38,838,812 | 3.9 |
| November | 279,502,974 | 261,490,000 | 18,012,974 | 6.9 | 1,317,222,785 | 1,260,371,000 | 56,851,785 | 4.5 |
| December | 285,340,008 | 277,251,000 | 8,089,008 | 2.9 | 1,602,562,793 | 1,537,622,000 | 64,940,793 | 4.2 |
| January | 313,975,424 | 296,157,000 | 17,818,424 | 6.0 | 1,916,538,217 | 1,833,779,000 | 82,759,217 | 4.5 |
| February | 232,434,703 | 224,696,000 | 7,738,703 | 3.4 | 2,148,972,921 | 2,058,475,000 | 90,497,921 | 4.4 |
| FEBRUARY ACTUAL |
FEBRUARY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $128,484,902 | $116,802,000 | $11,682,902 | 10.0 | $1,112,472,359 | $1,098,618,000 | $13,854,359 | 1.3 |
| Ind Income Tax | 208,594,695 | 201,258,000 | 7,336,695 | 3.6 | 1,158,935,170 | 1,073,589,000 | 85,346,170 | 7.9 |
| Corp Income Tax | 7,280,074 | 9,039,000 | (1,758,926) | (19.5) | 148,975,368 | 135,261,000 | 13,714,368 | 10.1 |
| Misc Taxes | 14,798,782 | 15,043,000 | (244,218) | (1.6) | 134,426,002 | 123,299,000 | 11,127,002 | 9.0 |
| Total Gross | $359,158,453 | $342,141,000 | $17,017,453 | 5.0 | $2,554,808,900 | $2,430,766,000 | $124,042,900 | 5.1 |
| REFUNDS |
||||||||
| Total Refunds | $126,723,749 | $117,446,000 | $9,277,749 | 7.9 | $405,835,979 | $372,291,000 | $33,544,979 | 9.0 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $95,806,690 | $78,583,000 | $17,223,690 | 21.9 | $879,119,442 | $856,815,000 | $22,304,442 | 2.6 |
| Ind Income Tax | 116,529,648 | 124,542,000 | (8,012,352) | (6.4) | 1,033,570,026 | 965,405,000 | 68,165,026 | 7.1 |
| Corp Income Tax | 5,378,906 | 6,584,000 | (1,205,094) | (18.3) | 102,231,451 | 113,544,000 | (11,312,549) | (10.0) |
| Misc Taxes | 14,719,460 | 14,986,000 | (266,540) | (1.8) | 134,052,002 | 122,709,000 | 11,343,002 | 9.2 |
| Total Net | $232,434,703 | $224,696,000 | $7,738,703 | 3.4 | $2,148,972,921 | $2,058,475,000 | $90,497,921 | 4.4 |
*The projected amounts used in this comparison were set at the February 24, 2006 meeting of the Nebraska Economic Forecasting Advisory Board.