FOR IMMEDIATE RELEASE:
May 6, 2004
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — APRIL 2004
LINCOLN - State Tax Commissioner Mary Jane Egr reported Thursday that total gross General Fund receipts for the month of April 2004 were $378,450,024. That is 14.5 percent above the revised projection of $330,382,000. For the month of April, gross Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above projections by 3.9, 17.9, 30.4 and 33.2 percent, respectively.
Total refunds for the month of April were $82,875,471, which is 4.1 percent above the revised projection of $79,584,000.
Egr said that net receipts were above revised projections for the month of April by $44,776,553. After refunds, total net receipts for the month were $295,574,553, or 17.9 percent above the projected amount of $250,798,000. For the month, net General Fund receipts for Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above the revised forecast by 2.0, 23.8, 49.5, and 33.4 percent, respectively. After refunds, total net receipts for fiscal year 2003-04 to date are $2,228,120,031, which is above the revised total of $2,147,068,187 by 3.8 percent. For the first ten months of the fiscal year, net General Fund receipts for Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above forecast by 0.2, 5.1, 8.4, and 14.7 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 27, 2004. This 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, 2004. At the February 27, 2004 meeting of the Forecasting Board, the forecast for fiscal year 2003-04 was revised downward by $41,000,000.
APPROVED:
Mary Jane Egr
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $170,796,440 | $170,796,440 | 0 | 0 | $170,796,440 | $170,796,440 | 0 | 0 |
| August | 237,996,407 | 237,996,407 | 0 | 0 | 408,792,847 | 408,792,847 | 0 | 0 |
| September | 256,392,737 | 256,392,737 | 0 | 0 | 665,185,584 | 665,185,584 | 0 | 0 |
| October | 161,236,973 | 161,236,973 | 0 | 0 | 826,422,557 | 826,422,557 | 0 | 0 |
| November | 219,893,391 | 219,893,391 | 0 | 0 | 1,046,315,948 | 1,046,315,948 | 0 | 0 |
| December | 234,683,263 | 234,683,263 | 0 | 0 | 1,280,999,211 | 1,280,999,211 | 0 | 0 |
| January | 231,274,359 | 231,274,359 | 0 | 0 | 1,512,273,570 | 1,512,273,570 | 0 | 0 |
| February | 206,223,617 | 206,223,617 | 0 | 0 | 1,718,497,187 | 1,718,497,187 | 0 | 0 |
| March | 214,048,291 | 177,773,000 | 36,275,291 | 20.4 | 1,932,545,478 | 1,896,270,187 | 36,275,291 | 1.9 |
| April | 295,574,553 | 250,798,000 | 44,776,553 | 17.9 | 2,228,120,031 | 2,147,068,187 | 81,051,844 | 3.8 |
| APRIL ACTUAL |
APRIL PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $124,861,080 | $120,211,000 | 4,650,080 | 3.9 | $1,199,393,762 | $1,197,055,271 | 2,338,491 | 0.2 |
| Ind Income Tax | 199,861,655 | 169,447,000 | 30,414,655 | 17.9 | 1,203,300,387 | 1,160,602,877 | 42,697,510 | 3.7 |
| Corp Income Tax | 24,520,026 | 18,797,000 | 5,723,026 | 30.4 | 155,415,973 | 148,711,532 | 6,704,441 | 4.5 |
| Misc Taxes | 29,207,264 | 21,927,000 | 7,280,264 | 33.2 | 157,051,165 | 137,015,706 | 20,035,459 | 14.6 |
| Total Gross | $378,450,024 | $330,382,000 | $48,068,024 | 14.5 | $2,715,161,287 | $2,643,384,386 | $71,776,901 | 2.7 |
| REFUNDS | ||||||||
| Total Refunds | $82,875,471 | $79,584,000 | $3,291,471 | 4.1 | $487,041,256 | $496,316,199 | ($9,274,943) | (1.9) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $97,898,278 | $95,939,000 | 1,959,278 | 2.0 | $930,789,033 | $929,088,693 | 1,700,340 | 0.2 |
| Ind Income Tax | 145,778,775 | 117,784,000 | 27,994,775 | 23.8 | 1,013,160,618 | 963,797,731 | 49,362,887 | 5.1 |
| Corp Income Tax | 22,705,790 | 15,189,000 | 7,516,790 | 49.5 | 127,626,268 | 117,751,097 | 9,875,171 | 8.4 |
| Misc Taxes | 29,191,710 | 21,885,000 | 7,306,710 | 33.4 | 156,544,112 | 136,429,666 | 20,114,446 | 14.7 |
| Total Net | $295,574,553 | $250,798,000 | $44,776,553 | 17.9 | $2,228,120,031 | $2,147,068,187 | $81,051,844 | 3.8 |
*The projected amounts used in this comparison were set at the February 27, 2004 meeting of the Nebraska Economic Forecasting Advisory Board.