FOR IMMEDIATE RELEASE:
April 7, 2006
FOR INFORMATION CONTACT:
Mary J. Egr Edson, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — MARCH 2006
LINCOLN -- State Tax Commissioner Mary J. Egr Edson reported Friday that total gross General Fund receipts for the month of March, the ninth month of fiscal year 2005-06 were $341,098,793. That is 7.5 percent above the projected amount of $317,290,000. For the month of March, gross Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes exceeded projections by 1.0, 8.0, 22.7 and 12.2 percent, respectively.
Total refunds for the month of March were $101,648,959, which is 6.1 percent above the projected amount of $95,795,000.
Egr Edson also said that net General Fund receipts were above projections for the month of March by $17,954,835. After refunds, total net receipts for the month were $239,449,835, or 8.1 percent above the projected amount of $221,495,000. For the month of March, net Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above forecast by 3.8, 5.1, 21.2 and 12.2 percent, respectively.
Egr Edson also said that net receipts are ahead of projections for the first three quarters of fiscal year 2005-06 by $159,680,557. After refunds, total net receipts for the fiscal year through March are $2,355,609,557, which is above the projected total of $2,195,929,000 by 7.3 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 1.0, 3.1, 46.0 and 42.6 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2005. This forecast was adjusted for legislation passed by the 2005 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, 2005. The Forecasting Board met on October 28, 2005 and revised the forecast for the current fiscal year upward by $159.7 million from $3,092,258,000 to $3,252,000,000. The Forecasting Board met again on February 24, and raised the forecast for the current fiscal year upward by $26 million to $3,278,000,000. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the April 2005 certified forecast.
APPROVED:
Mary J. Egr Edson
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $189,050,265 | $178,931,000 | 10,119,265 | 5.7 | $189,050,265 | $178,931,000 | 10,119,265 | 5.7 |
| August | 331,163,981 | 287,204,000 | 43,959,981 | 15.3 | 520,214,246 | 466,135,000 | 54,079,246 | 11.6 |
| September | 324,564,089 | 292,895,000 | 31,669,089 | 10.8 | 844,778,335 | 759,030,000 | 85,748,335 | 11.3 |
| October | 199,817,103 | 192,215,000 | 7,602,103 | 4.0 | 1,044,595,438 | 951,245,000 | 93,350,438 | 9.8 |
| November | 259,701,351 | 256,677,000 | 3,024,351 | 1.2 | 1,304,296,789 | 1,207,922,000 | 96,374,789 | 8.0 |
| December | 289,007,185 | 267,224,000 | 21,783,185 | 8.2 | 1,595,967,729 | 1,475,146,000 | 120,821,729 | 8.2 |
| January | 295,039,688 | 288,430,000 | 6,609,688 | 2.3 | 1,891,007,418 | 1,763,576,000 | 127,431,418 | 7.2 |
| February | 225,152,305 | 210,858,000 | 14,294,305 | 6.8 | 2,116,159,722 | 1,974,434,000 | 141,725,722 | 7.2 |
| March | 239,449,835 | 221,495,000 | 17,954,835 | 8.1 | 2,355,609,557 | 2,195,929,000 | 159,680,557 | 7.3 |
| MARCH ACTUAL |
MARCH PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $122,059,783 | $120,873,000 | $1,186,783 | 1.0 | $1,213,104,479 | $1,205,650,000 | $7,454,479 | 0.6 |
| Ind Income Tax | 140,608,824 | 130,246,000 | 10,362,824 | 8.0 | 1,192,622,239 | 1,141,348,000 | 51,274,239 | 4.5 |
| Corp Income Tax | 48,692,274 | 39,677,000 | 9,015,274 | 12.2 | 202,036,800 | 153,796,000 | 48,240,800 | 31.4 |
| Misc Taxes | 29,737,913 | 26,494,000 | 3,243,913 | 12.2 | 207,106,039 | 145,696,000 | 61,410,039 | 42.1 |
| Total Gross | $341,098,793 | $317,290,000 | $23,808,793 | 7.5 | $2,814,869,557 | $2,646,490,000 | $168,379,557 | 6.4 |
| REFUNDS |
||||||||
| Total Refunds | $101,648,959 | $95,795,000 | $5,853,959 | 6.1 | $459,260,000 | $450,560,000 | $8,700,000 | 1.9 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $92,366,393 | $89,019,000 | $3,347,393 | 3.8 | $946,750,228 | $937,156,000 | $9,594,228 | 1.0 |
| Ind Income Tax | 72,306,795 | 68,812,000 | 3,494,795 | 5.1 | 1,018,823,852 | 988,229,000 | 30,594,852 | 3.1 |
| Corp Income Tax | 45,155,331 | 37,264,000 | 7,891,331 | 21.2 | 183,437,483 | 125,675,000 | 57,762,483 | 46.0 |
| Misc Taxes | 29,621,316 | 26,400,000 | 3,221,316 | 12.2 | 206,597,994 | 144,870,000 | 61,727,994 | 42.6 |
| Total Net | $239,449,835 | $221,495,000 | $17,954,835 | 8.1 | $2,355,609,557 | $2,195,929,000 | $159,680,557 | 7.3 |
*The projected amounts used in this comparison were set at the April 28, 2005 meeting of the Nebraska Economic Forecasting Advisory Board.