FOR IMMEDIATE RELEASE:
June 12, 2001
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Research Administrator
402/471-5700
GENERAL FUND RECEIPTS — MAY 2001
LINCOLN — State Tax Commissioner Mary Jane Egr reported Tuesday that total gross General Fund receipts for the first eleven months of fiscal year 2000-01 were $2,719,613,932. That is $395,932 above the projected amount of $2,719,218,000. Total gross receipts remain ahead of projections for Corporate Income and Miscellaneous taxes by 1.6 and 10.7 percent, respectively. Total gross receipts for the month of May 2001, were $279,891,605, below the projection of $308,114,000 by 9.2 percent. For the month, gross Sales and Use, Individual Income, and Corporate Income taxes were below projections by 6.9, 12.7, and 16.4 percent, respectively.
Total refunds for the first eleven months of the fiscal year are $492,712,067, which is 2.0 percent above the projected amount of $483,117,000.
Egr also said that total net receipts were below projections for the first eleven months of the fiscal year. Over this period, total receipts were behind the forecast by $9,198,136. After refunds, total net receipts for fiscal year 2000-01 to date are $2,226,901,864, below the projected total of $2,236,100,000 by 0.4 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes exceeded the forecast by 0.1, 3.5, and 10.8 percent, respectively.
Total net general fund revenue for the month of May was $218,059,047, or 15.2 percent below the projected amount of $257,193,000. Net tax receipts for the month of May lagged behind the forecast for Sales and Use, Individual Income, and Miscellaneous taxes by 19.4, 16.5, and 7.7 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, May collections are $53,650,953, or 19.7 percent, below the revised forecast amount of $271,710,000. For the months of April and May 2001 combined, actual total net receipts are $32,244,563, or 6.0 percent below the April revised forecast. 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 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
| 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 |
| May | 218,059,047 | 257,193,000 | (39,133,953) | (15.2) | 2,226,901,864 | 2,236,100,000 | (9,198,136) | (0.4) |
| MAY ACTUAL |
MAY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $101,454,996 | $108,983,000 | ($7,528,004) | (6.9) | $1,106,306,651 | $1,121,221,000 | ($14,914,350) | (1.3) |
| Ind Income Tax | 154,829,639 | 177,419,000 | (22,589,361) | (12.7) | 1,301,835,752 | 1,303,968,000 | (2,132,248) | (0.2) |
| Corp Income Tax | 6,045,345 | 7,229,000 | (1,183,655) | (16.4) | 156,769,614 | 154,312,000 | 2,457,614 | 1.6 |
| Misc Taxes | 17,561,625 | 14,482,000 | 3,079,625 | 21.3 | 154,701,915 | 139,716,000 | 14,985,915 | 10.7 |
| Total Gross | $279,891,605 | $308,114,000 | ($28,222,395) | (9.2) | $2,719,613,932 | $2,719,218,000 | $395,932 | 0.0 |
| REFUNDS | ||||||||
| Total Refunds | $61,832,557 | $50,920,000 | $10,912,557 | 21.4 | $492,712,067 | $483,117,000 | $9,595,067 | 2.0 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $70,550,326 | $87,527,000 | ($16,976,674) | (19.4) | $829,378,211 | $858,628,000 | ($29,249,789) | (3.4) |
| Ind Income Tax | 125,469,144 | 150,290,000 | (24,820,856) | (16.5) | 1,124,401,981 | 1,123,301,000 | 1,100,981 | 0.1 |
| Corp Income Tax | 4,539,632 | 4,918,000 | (378,368) | (7.7) | 118,894,756 | 114,925,000 | 3,969,756 | 3.5 |
| Misc Taxes | 17,499,945 | 14,459,000 | 3,040,945 | 21.0 | 154,226,917 | 139,242,000 | 14,984,917 | 10.8 |
| Total Net | $218,059,047 | $257,193,000 | ($39,133,953) | (15.2) | $2,226,901,864 | $2,236,100,000 | ($9,198,136) | (0.4) |