FOR IMMEDIATE RELEASE:
May 14, 2003
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — APRIL 2003
LINCOLN — State Tax Commissioner Mary Jane Egr reported Wednesday that total gross General Fund receipts for April 2003, the tenth month of fiscal year 2002-03, were $325,685,362. That is 2.8 percent below the revised projection of $334,989,000. For the month of April, Gross Sales and Use, Corporate Income, and Miscellaneous taxes were above revised projections by 2.2, 9.3, and 43.5 percent, respectively.
Total refunds for the month of April were $76,259,102, which is 3.2 percent above the projected amount of $73,872,000.
Egr said that net receipts were below revised projections for the month of April by $11,690,740. After refunds, total net receipts for the month were $249,426,260, or 4.5 percent below the projected amount of $261,117,000. For the month of April, net General Fund receipts for Sales and Use, Corporate Income, and Miscellaneous taxes were ahead of forecast by 4.8, 22.7, and 43.0 percent, respectively. However, Individual Income tax was below forecast by 20.7 percent, or $29,020,175.
Egr also said that net receipts were below revised projections for the first ten months of the fiscal year by $5,873,914. After refunds, total net receipts for fiscal year 2002-03 to date are $2,049,244,086, which is below the projected total of $2,055,118,000 by 0.3 percent. For the year to date, net General Fund receipts for Sales and Use, Corporate Income, and Miscellaneous taxes were above forecast by 1.4, 9.9, and 4.1 percent, respectively.
The comparisons are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2002. 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, 2002.
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 |
| April | 249,426,260 | 261,117,000 | (11,690,740) | (4.5) | 2,049,244,086 | 2,055,118,000 | (5,873,914) | (0.3) |
| APRIL ACTUAL |
APRIL PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $111,616,084 | $109,231,000 | $2,385,084 | 2.2 | $1,102,840,123 | $1,099,854,000 | $2,986,123 | 0.3 |
| Ind Income Tax | 162,676,280 | 186,394,000 | (23,717,720) | (12.7) | 1,123,323,499 | 1,152,511,000 | (29,187,501) | (2.5) |
| Corp Income Tax | 16,291,882 | 14,909,000 | 1,382,882 | 9.3 | 125,792,865 | 120,240,000 | 5,552,865 | 4.6 |
| Misc Taxes | 35,101,116 | 24,455,000 | 10,646,116 | 43.5 | 165,906,437 | 159,151,000 | 6,755,437 | 4.2 |
| Total Gross | $325,685,362 | $334,989,000 | ($9,303,638) | (2.8) | $2,517,862,923 | $2,531,756,000 | ($13,893,077) | (0.5) |
| REFUNDS | ||||||||
| Total Refunds | $76,259,102 | $73,872,000 | $2,387,102 | 3.2 | $468,618,837 | $476,636,000 | ($8,017,163) | (1.7) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $88,295,709 | $84,219,000 | $4,076,709 | 4.8 | $859,359,693 | $847,899,000 | $11,460,693 | 1.4 |
| Ind Income Tax | 111,356,825 | 140,377,000 | (29,020,175) | (20.7) | 936,865,150 | 968,637,000 | (31,771,850) | (3.3) |
| Corp Income Tax | 14,826,949 | 12,083,000 | 2,743,949 | 22.7 | 87,776,069 | 79,893,000 | 7,883,069 | 9.9 |
| Misc Taxes | 34,946,776 | 24,438,000 | 10,508,776 | 43 | 165,243,175 | 158,692,000 | 6,551,175 | 4.1 |
| Total Net | $249,426,260 | $261,117,000 | ($11,690,740) | (4.5) | $2,049,244,086 | $2,055,118,000 | ($5,873,914) | (0.3) |
*The projected amounts used in this comparison were set at the February 28, 2003 meeting of the Nebraska Economic Forecasting Advisory Board.