FOR IMMEDIATE RELEASE:
May 11, 2001

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

GENERAL FUND RECEIPTS — APRIL 2001

State Tax Commissioner Mary Jane Egr reported Friday that total gross General Fund receipts for the first ten months of fiscal year 2000-01 were $2,439,722,327. That is 1.2 percent above the projected amount of $2,411,104,000. Total gross receipts remain ahead of projections for Individual Income, Corporate Income, and Miscellaneous taxes by 1.8, 2.5, and 9.5 percent, respectively. Total gross receipts for the month of April 2001, were $345,908,738, above the projection of $323,120,000 by 7.1 percent. For the month, gross Sales and Use, Individual Income, and Miscellaneous taxes were above projections by 7.0, 8.5, and 7.3 percent, respectively.

Total refunds for the first three quarters of the fiscal year are $430,879,510, which is 0.3 percent below the projected amount of $432,197,000.

Egr also said that total net receipts were above projections for the first ten months of the fiscal year. Over this period, total receipts were ahead of forecast by $29,935,817. After refunds, total net receipts for fiscal year 2000-01 to date are $2,008,842,817, above the projected total of $1,978,907,000 by 1.5 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes exceeded the forecast by 2.7, 4.0, and 9.6 percent, respectively.

Total net general fund revenue for the month of April was $291,325,389, or 11.4 percent above the projected amount of $261,605,000. Net tax receipts for the month of April exceeded the forecast for Sales and Use, Individual Income, and Miscellaneous taxes by 15.2, 12.3, and 7.5 percent, respectively.

Compared to the Nebraska Economic Forecasting Advisory Board’s April revision of the forecast for fiscal year 2000-01 net total General Fund revenues, April collections are $21,306,389, or 7.9 percent, above the revised forecast amount of $270,019,000. The April revised forecast of total net General Fund revenue for the current fiscal year is $2,514,000,000, compared to the certified forecast of $2,480,701,000. The revised forecast is used by the Legislature and Governor in the budgeting process.

As required by law, the comparisons on the following tables and graphs 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
April 291,325,389 261,605,000 29,720,389 11.4 2,008,842,817 1,978,907,000 29,935,817 1.5


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

  APRIL
ACTUAL		 APRIL
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax $99,313,072 $92,847,000 $6,466,072 7.0 $1,004,851,654 $1,012,238,000 ($7,386,346) (0.7)
Ind Income Tax 207,942,821 191,585,000 16,357,821 8.5 1,147,006,114 1,126,549,000 20,457,114 1.8
Corp Income Tax 17,356,381 18,850,000 (1,493,619) (7.9) 150,724,269 147,083,000 3,641,269 2.5
Misc Taxes 21,296,465 19,839,000 1,457,465 7.3 137,140,290 125,234,000 11,906,290 9.5
Total Gross $345,908,738 $323,120,000 $22,788,738 7.1 $2,439,722,327 $2,411,104,000 $28,618,327 1.2
REFUNDS
Total Refunds $54,583,349 $61,516,000 ($6,932,651) (11.3) $430,879,510 $432,197,000 ($1,317,490) (0.3)
NET RECEIPTS
Sales & Use Tax $80,348,607 $69,765,000 $10,583,607 15.2 $758,827,884 $771,101,000 ($12,273,116) (1.6)
Ind Income Tax 174,609,913 155,418,000 19,191,913 12.3 998,932,837 973,011,000 25,921,837 2.7
Corp Income Tax 15,076,926 16,617,000 (1,540,074) (9.3) 114,355,124 110,007,000 4,348,124 4.0
Misc Taxes 21,289,943 19,804,000 1,485,943 7.5 136,726,972 124,783,000 11,943,972 9.6
Total Net $291,325,389 $261,605,000 $29720,389 11.4 $2,008,842,817 $1,978,907,000 $29,935,817 1.5

*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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