FOR IMMEDIATE RELEASE:
April 11, 2008
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — MARCH, 2008
LINCOLN — Tax Commissioner Douglas Ewald reported Friday that total gross General Fund receipts for the month of March were $358,410,211. That is 9.2 percent above the projected amount of $328,146,000. For the month of March, gross Individual Income, Corporate Income, and Miscellaneous taxes were above forecast by 12.8, 8.6, and 45.5 percent, respectively.
Total refunds for the month of March were $115,047,195 which is 0.9 percent below the projected amount of $116,069,000.
Ewald also said that net receipts were above projections for the month of March by $31,286,015. After refunds, total net receipts for the month were $243,363,015, or 14.8 percent above the projected amount of $212,077,000. For the month of March, net Individual Income, Corporate Income and Miscellaneous taxes were above projections by 46.9, 9.6 and 46.0 percent, respectively.
Ewald also said that fiscal year-to-date net receipts were above projections for the first nine months of fiscal year 2007-08 by $47,792,965. After refunds, total net receipts for the fiscal year through March were $2,458,016,965, which is above the projected total of $2,410,224,000 by 2.0 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, and Individual Income taxes were above forecast by 1.7 and 3.0 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 26, 2007. This forecast was adjusted for legislation passed by the 2007 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2007. On October 26, the forecasting board met and revised the fiscal year 2007-08 forecast upward by $68.8 million dollars. On February 22, 2008, the Board met and revised the October forecast for fiscal year 2007-08 downward by $51.0 million. The February revised forecast represents a net increase of $17.8 million over the certified forecast. 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 2007 certified forecast.
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APPROVED:
Douglas A. Ewald
Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$204,650,626 |
$212,327,000 |
(7,676,373) |
(3.6) |
$204,650,626 |
$ 212,327,000 |
(7,676,373) |
(3.6) |
August |
293,314,872 |
307,436,000 |
(14,121,127) |
(4.6) |
497,965,498 |
519,763,000 |
(21,797,501) |
(4.2) |
September |
379,919,253 |
347,809,000 |
32,110,253 |
9.2 |
877,884,751 |
867,572,000 |
10,312,751 |
1.2 |
October |
202,832,479 |
206,103,000 |
(3,270,521) |
(1.6) |
1,080,717,230 |
1,073,675,000 |
7,042,230 |
0.7 |
November |
300,868,414 |
291,326,000 |
9,542,414 |
3.3 |
1,381,585,644 |
1,365,001,000 |
16,584,644 |
1.2 |
December |
307,095,215 |
304,286,000 |
2,809,215 |
0.9 |
1,688,680,859 |
1,669,287,000 |
19,393,859 |
1.2 |
January |
287,605,780 |
311,960,000 |
(24,354,220) |
(7.8) |
1,976,286,639 |
1,981,247,000 |
(4,960,361) |
(0.3) |
February |
238,367,310 |
216,900,000 |
21,467,310 |
9.9 |
2,214,653,950 |
2,198,147,000 |
16,506,950 |
0.8 |
March |
243,363,015 |
212,077,000 |
31,286,015 |
14.8 |
2,458,016,965 |
2,410,224,000 |
47,792,965 |
2.0 |
| MARCH ACTUAL |
MARCH PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$124,879,175 | $124,327,000 | $552,175 |
0.4 |
$1,293,050,017 |
$1,251,997,000 |
$41,053,017 |
3.3 |
Ind Income Tax |
154,016,945 |
136,520,000 |
17,496,945 |
12.8 |
1,377,726,577 |
1,336,070,000 |
41,656,577 |
3.1 |
Corp Income Tax |
54,123,283 |
49,852,000 |
4,271,283 |
8.6 |
204,929,220 |
201,742,000 |
3,187,220 |
1.6 |
Misc Taxes |
25,390,807 |
17,446,000 |
7,944,807 |
45.5 |
160,769,032 |
161,275,000 |
(505,968) |
(0.3) |
Total Gross |
$358,410,211 |
$328,146,000 |
$30,264,211 |
9.2 |
$3,036,474,847 |
$2,951,081,000 |
$85,393,847 |
2.9 |
| REFUNDS |
||||||||
Total Refunds |
$115,047,195 |
$116,069,000 |
($1,021,805) |
(0.9) |
$578,457,881 |
$540,858,000 |
$37,599,881 |
7.0 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$90,584,063 |
$95,890,000 |
($5,305,937) |
(5.5) |
$989,802,878 |
$972,796,000 |
$17,006,878 |
1.7 |
Ind Income Tax |
75,338,379 |
51,297,000 |
24,041,379 |
46.9 |
1,140,282,760 |
1,107,537,000 |
32,745,760 |
3.0 |
Corp Income Tax |
52,050,315 |
47,504,000 |
4,546,315 |
9.6 |
167,685,937 |
169,251,000 |
(1,565,063) |
(0.9) |
Misc Taxes |
25,390,259 |
17,386,000 |
8,004,259 |
46.0 |
160,245,390 |
160,641,000 |
(395,610) |
(0.2) |
Total Net |
$243,363,015 |
$212,077,000 |
$31,286,015 |
14.8 |
$2,458,016,965 |
$2,410,224,000 |
$47,792,965 |
2.0 |
*The projected amounts used in this comparison were set at the April 26, 2007 meeting of the Nebraska Economic Forecasting Advisory Board.