FOR IMMEDIATE RELEASE:
March 8, 2010
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — FEBRUARY, 2010
LINCOLN —February Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for February were $348 million, which is 3.0% below the recertified forecast of $359 million.
| • Gross Sales and Use: | 6.9% below forecast |
| • Gross Individual Income: | 0.6% below forecast |
| • Gross Corporate Income: | 6.9% below forecast |
| • Gross Miscellaneous: | 1.4% below forecast |
February Tax Refunds: Tax refunds for February were $147 million, which is 4.0% below the recertified forecast of $153 million.
February Net Receipts: Net receipts for February were $201 million, which is 2.2% below the recertified forecast of $206 million.
| • Net Sales and Use: | 5.1% below forecast |
| • Net Individual Income: | 1.7% below forecast |
| • Net Corporate Income: | 37.3% above forecast |
| • Net Miscellaneous: | 1.0% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $2,061 million, which is 0.2% below the recertified forecast of $2,066 million.
| • Net Sales and Use: | 0.5% below forecast |
| • Net Individual Income: | 0.2% below forecast |
| • Net Corporate Income: | 2.4% above forecast |
| • Net Miscellaneous: | 0.1% below forecast |
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. At this meeting, the Forecasting Board revised downward its October 2009 forecast of General Fund revenue for FY2009-10 by $40.3 million. As required by law, the forecast was recertified. The Board's forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on March 8, 2010. Receipts in this forecast are compared to the March recertified forecast. For the month of February, this new forecast is $10.9 million lower than the previous forecast.
Previous monthly press releases are found at www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
DEPARTMENT OF REVENUE
Policy
Division
Comparison of Actual and Projected General Fund Receipts for Fiscal
Year 2009-2010*
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$ 197,807,239 |
$ 197,807,239 |
0 |
0.0 |
$ 197,807,239 |
$ 197,807,239 |
0 |
0.0 |
August |
304,152,215 |
304,152,215 |
0 |
0.0 |
501,959,454 |
501,959,454 |
0 |
0.0 |
September |
316,998,914 |
316,998,914 |
0 |
0.0 |
818,958,368 |
818,958,368 |
0 |
0.0 |
October |
193,978,280 |
193,978,280 |
0 |
0.0 |
1,012,936,649 |
1,012,936,649 |
0 |
0.0 |
November |
278,753,945 |
278,753,945 |
0 |
0.0 |
1,291,690,594 |
1,291,690,594 |
0 |
0.0 |
December |
288,185,977 |
288,185,977 |
0 |
0.0 |
1,579,876,570 |
1,579,876,570 |
0 |
0.0 |
January |
280,299,871 |
280,299,871 |
0 |
0.0 |
1,860,176,441 |
1,860,176,441 |
0 |
0.0 |
February |
201,042,477 |
205,644,000 |
-4,601,523 |
-2.2 |
2,061,218,918 |
2,065,820,441 |
-4,601,523 |
-0.2 |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for February 2010
and Cumulative
Fiscal Year 2009-2010*
| FEBRUARY ACTUAL |
FEBRUARY PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$ 118,141,366 |
$ 126,874,000 |
-$ 8,732,634 |
-6.9 |
$ 1,121,794,505 |
$ 1,130,527,138 |
-$ 8,732,634 |
-0.8 |
Ind. Income Tax |
207,069,949 |
208,266,000 |
-1,196,051 |
-0.6 |
1,151,043,839 |
1,152,239,890 |
-1,196,051 |
-0.1 |
Corp. Income Tax |
7,833,459 |
8,417,000 |
-583,541 |
-6.9 |
114,267,792 |
114,851,333 |
-583,541 |
-0.5 |
Misc. Taxes |
15,128,280 |
15,337,000 |
-208,720 |
-1.4 |
139,356,278 |
139,564,998 |
-208,720 |
-0.1 |
Total Gross |
$ 348,173,054 | $ 358,893,000 | -$ 10,719,946 | -3.0 | $ 2,526,462,413 | $ 2,537,182,359 | -$ 10,719,946 | -0.4 |
REFUNDS |
||||||||
Total Refunds |
$147,130,577 | $153,248,000 | -$6,117,423 | -4.0 | $465,243,495 | $471,360,918 | -$6,117,423 | -1.3 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$ 82,973,090 |
$ 87,477,000 |
-$ 4,503,910 |
-5.1 |
$ 864,484,939 |
$ 868,988,849 |
-$ 4,503,910 |
-0.5 |
Ind. Income Tax |
96,512,289 |
98,212,000 |
-1,699,711 |
-1.7 |
983,108,378 |
984,808,089 |
-1,699,711 |
-0.2 |
Corp. Income Tax |
6,429,518 |
4,682,000 |
1,747,518 |
37.3 |
74,278,931 |
72,531,413 |
1,747,518 |
2.4 |
Misc. Taxes |
15,127,580 |
15,273,000 |
-145,420 |
-1.0 |
139,346,670 |
139,492,090 |
-145,420 |
-0.1 |
Total Net |
$ 201,042,477 |
$ 205,644,000 |
-$ 4,601,523 |
-2.2 |
2,061,218,918 |
$ 2,065,820,441 |
-$ 4,601,523 |
-0.2 |
*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the February 26, 2010 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on March 8, 2010.
