FOR IMMEDIATE RELEASE:
April 6, 2001

FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Research Administrator
402/471-5700

GENERAL FUND RECEIPTS — MARCH 2001

State Tax Commissioner Mary Jane Egr reported Friday that total gross General Fund receipts for the first three quarters of fiscal year 2000-01 were $2,093,813,588. That is 0.3 percent above the projected amount of $2,087,984,000. Total gross receipts remain ahead of projections for Individual Income, Corporate Income, and Miscellaneous taxes by 0.4, 4.0, and 9.9 percent, respectively. Total gross receipts for the month of March 2001, were $249,064,370, below the projection of $256,111,000 by 2.8 percent. For the month, gross Corporate Income, and Miscellaneous taxes were above projections by 14.3 and 47.4 percent, respectively.

Total refunds for the first three quarters of the fiscal year are $376,269,161, which is 1.5 percent above the projected amount of $370,681,000.

Egr also said that total net receipts were nearly equal to projections for the first nine months of the fiscal year. Over this period, total receipts were ahead of forecast by $215,428. After refunds, total net receipts for fiscal year 2000-01 to date are $1,717,517,428, above the projected total of $1,717,302,000 by 0.001 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes exceeded the forecast by 0.8, 6.3, and 10.0 percent, respectively.

Total net general fund revenue for the month of March was $171,708,239, or 2.3 percent below the projected amount of $175,832,000. Net tax receipts for the month of March were behind of the forecast for Sales and Use and Individual Income taxes by 14.2 and 4.2 percent, respectively. March is typically one of the most difficult months to forecast revenues.

As required by law, the comparisons are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2000. This forecast was adjusted for legislation passed by the 2000 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst.

APPROVED:
Mary Jane Egr
State Tax Commissioner

DEPARTMENT OF REVENUE

Research Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2000-2001

  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 $149,763,118 $144,661,000 $5,102,118 3.5 $149,763,118 $144,661,000 $5,102,118 3.5
August 197,820,816 211,058,000 (13,237,184) (6.3) 347,583,934 355,719,000 (8,135,066) (2.3)
September 247,291,683 235,390,000 11,901,683 5.1 594,875,617 591,109,000 3,766,617 0.6
October 142,376,893 149,347,000 (6,970,107) (4.7) 737,252,510 740,456,000 (3,203,490) (0.4)
November 194,069,816 185,166,000 8,903,816 4.8 931,322,326 925,622,000 5,700,326 0.6
December 199,284,303 206,365,000 (7,080,697) (3.4) 1,130,606,629 1,131,987,000 (1,380,371) (0.1)
January 247,739,599 232,811,000 14,928,599 6.4 1,378,346,227 1,364,798,000 13,548,227 1.0
February 167,462,962 176,672,000 (9,209,038) (5.2) 1,545,809,189 1,541,470,000 4,339,189 0.3
March 171,708,239 175,832,000 (4,123,761) (2.3) 1,717,517,428 1,717,302,000 215.428 0.0


Comparison of Actual and Projected General Fund Receipts by Major Source for March 2001
and Cumulative Fiscal Year 2000-2001

  MARCH
ACTUAL		 MARCH
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax $93,871,837 $106,146,000 ($12,274,163) (11.6) $905,538,582 $919,391,000 ($13,852,418) (1.5)
Ind Income Tax 101,638,388 106,873,000 (5,234,612) (4.9) 939,063,293 934,964,000 4,099,293 0.4
Corp Income Tax 34,405,907 30,102,000 4,303,907 14.3 133,367,888 128,233,000 5,134,888 4.0
Misc Taxes 19,148,237 12,990,000 6,158,237 47.4 115,843,826 105,395,000 10,448,826 9.9
Total Gross $249,064,370 $256,111,000 ($7,046,630) (2.8) $2,093,813,588 $2,087,984,000 $5,829,588 0.3
REFUNDS
Total Refunds $77,356,131 $80,280,000 ($2,923,869) (3.6) $376,296,161 $370,681,000 $5,615,161 1.5
NET RECEIPTS
Sales & Use Tax $70,761,663 $82,443,000 ($11,681,337) (14.2) $678,479,277 $701,336,000 ($22,856,723) (3.3)
Ind Income Tax 49,389,521 51,572,000 (2,182,479) (4.2) 824,322,924 817,593,000 6,729,924 0.8
Corp Income Tax 32,447,962 28,838,000 3,609,962 12.5 99,278,198 93,390,000 5,888,198 6.3
Misc Taxes 19,109,094 12,978,000 6,131,094 47.2 115,437,029 104,979,000 10,458,029 10.0
Total Net $171,708,239 $175,832,000 ($4,123,761) (2.3) $1,717,517,428 $1,717,302,000 $215,428 0.0

*The projected amounts used in this comparison were set at the February 25, 2000 meeting of the Nebraska Economic Forecasting Advisory Board.

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