FOR IMMEDIATE RELEASE:
April 15, 2003
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — MARCH, 2003
LINCOLN — State Tax Commissioner Mary Jane Egr reported Tuesday that total gross General Fund receipts for March 2003, the ninth month of fiscal year 2002-03, were $247,579,456. That is 1.8 percent below the revised projection of $252,168,000. For the month of March, Gross Sales and Use, and Corporate Income taxes were above revised projections by 0.6 and 16.6 percent, respectively.
Total refunds for the month of March were $73,514,543, which is 12.4 percent below the projected amount of $83,920,000. This is due primarily to a timing issue with respect to processing of sales tax refunds
Egr said that net receipts were above revised projections for the month of March by $5,816,913. After refunds, total net receipts for the month were $174,064,913, or 3.5 percent above the projected amount of $168,248,000. For the month of March, net General Fund receipts for Sales and Use, and Corporate Income taxes were ahead of forecast by 9.8 and 23.2 percent, respectively.
Egr also said that net receipts were ahead of revised projections for the first three quarters of the fiscal year by $5,816,827. After refunds, total net receipts for fiscal year 2002-03 to date are $1,799,817,827, which is above the projected total of $1,794,001,000 by 0.3 percent. For the year to date, net General Fund receipts for Sales and Use, and Corporate Income taxes were above forecast by 1.0, and 7.6 percent, respectively.
The comparisons are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2003. At this meeting, the board revised downward its forecast of General Fund revenue for fiscal year 2002-03. As required by law, the forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on March 15, 2003.
APPROVED:
Mary Jane Egr
State Tax Commissioner
| 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 | $173,073,810 | $173,074,000 | (190) | (0.0) | $173,073,810 | $173,074,000 | (190) | (0.0) |
| August | 220,370,095 | 220,370,000 | 95 | 0 | 393,443,906 | 393,444,000 | (94) | (0.0) |
| September | 255,406,007 | 255,406,000 | 7 | 0 | 648,849,912 | 648,850,000 | (88) | (0.0) |
| October | 137,779,538 | 137,780,000 | (462) | (0.0) | 786,629,450 | 786,630,000 | (550) | (0.0) |
| November | 195,167,407 | 195,167,000 | 407 | 0 | 981,796,857 | 981,797,000 | (143) | (0.0) |
| December | 224,281,665 | 224,282,000 | (335) | (0.0) | 1,206,078,522 | 1,206,079,000 | (478) | (0.0) |
| January | 231,508,102 | 231,508,000 | 102 | 0 | 1,437,586,624 | 1,437,587,000 | (376) | (0.0) |
| February | 188,166,290 | 188,166,000 | 290 | 0 | 1,625,752,914 | 1,625,753,000 | (86) | (0.0) |
| March | 174,064,913 | 168,248,000 | 5,816,913 | 3.5 | 1,799,817,827 | 1,794,001,000 | 5,816,827 | 0.3 |
| MARCH ACTUAL |
MARCH PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $103,435,427 | $102,834,000 | $601,427 | 0.6 | $991,224,039 | $990,623,000 | $601,039 | 0.1 |
| Ind Income Tax | 96,002,887 | 101,472,000 | (5,469,113) | (5.4) | 960,647,219 | 966,117,000 | (5,469,781) | (0.6) |
| Corp Income Tax | 29,290,128 | 25,121,000 | 4,169,128 | 16.6 | 109,500,983 | 105,331,000 | 4,169,983 | 4.0 |
| Misc Taxes | 18,851,014 | 22,742,000 | (3,890,986) | (17.1) | 130,805,321 | 134,696,000 | (3,890,679) | (2.9) |
| Total Gross | $247,579,456 | $252,168,000 | ($4,588,544) | (1.8) | $2,192,177,561 | $2,196,767,000 | ($4,589,439) | (0.2) |
| REFUNDS | ||||||||
| Total Refunds | $73,514,543 | $83,920,000 | ($10,405,457) | (12.4) | $392,359,735 | $402,764,000 | ($10,404,265) | (2.6) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $82,733,685 | $75,349,000 | $7,384,685 | 9.8 | $771,063,983 | $763,680,000 | $7,383,983 | 1.0 |
| Ind Income Tax | 45,220,532 | 47,972,000 | (2,751,468) | (5.7) | 825,508,324 | 828,260,000 | (2,751,676) | (0.3) |
| Corp Income Tax | 27,345,462 | 22,205,000 | 5,140,462 | 23.2 | 72,949,120 | 67,810,000 | 5,139,120 | 7.6 |
| Misc Taxes | 18,765,234 | 22,722,000 | (3,956,766) | (17.4) | 130,296,399 | 134,254,000 | (3,957,601) | (2.9) |
| Total Net | $174,064,913 | $168,248,000 | $5,816,913 | 3.5 | $1,799,817,827 | $1,794,001,000 | $5,816,827 | 0.3 |
*The projected amounts used in this comparison were set at the February 28, 2003 meeting of the Nebraska Economic Forecasting Advisory Board.