FOR IMMEDIATE RELEASE:
June 10, 2004

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

GENERAL FUND RECEIPTS — MAY 2004

LINCOLN - State Tax Commissioner Mary Jane Egr reported Thursday that total gross General Fund receipts for the month of May 2004 were $292,031,494. That is 3.0 percent above the revised projection of $283,488,000. For the month of May, gross Individual Income, Corporate Income, and Miscellaneous taxes were above projections by 2.5, 32.0 and 36.9 percent, respectively.

Total refunds for the month of May were $52,173,871, which is 16.7 percent below the revised projection of $62,659,000.

Egr said that net receipts were above revised projections for the month of May by $19,028,663. After refunds, total net receipts for the month were $239,857,663, or 8.6 percent above the projected amount of $220,829,000. For the month, net General Fund receipts for Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above the revised forecast by 3.0, 8.0, 108.7, and 37.2 percent, respectively. After refunds, total net receipts for fiscal year 2003-04 to date are $2,467,977,694, which is above the revised total of $2,367,897,187 by 4.2 percent. With one month left in the fiscal year, net General Fund receipts for Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above forecast by 0.4, 5.4, 11.4, and 15.9 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

DEPARTMENT OF REVENUE

Research Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2003-2004

 

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 $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
May 239,857,663 220,829,000 19,028,663 8.6 2,467,977,694 2,367,897,187 100,080,507 4.2

Comparison of Actual and Projected General Fund Receipts by Major Source for May 2004
and Cumulative Fiscal Year 2003-2004

MAY
ACTUAL		 MAY
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax $119,530,290 $119,640,000 ($109,710) (0.1) $1,318,924,052 $1,316,695,271 $2,228,781 0.2
Ind Income Tax 153,284,174 149,571,000 3,713,174 2.5 1,356,584,562 1,310,173,877 46,410,685 3.5
Corp Income Tax 8,852,072 6,706,000 2,146,072 32 164,268,045 155,417,532 8,850,513 5.7
Misc Taxes 10,364,958 7,571,000 2,793,958 36.9 167,416,123 144,586,706 22,829,417 15.8
Total Gross $292,031,494 $283,488,000 $8,543,494 3 $3,007,192,781 $2,926,872,386 $80,320,395 2.7

REFUNDS
Total Refunds $52,173,831 $62,659,000 ($10,485,169) (16.7) $539,215,088 $558,975,199 ($19,760,111) (3.5)
NET RECEIPTS
Sales & Use Tax $92,714,667 $90,018,000 $2,696,667 3 $1,023,503,699 $1,019,106,693 $4,397,006 0.4
Ind Income Tax 129,332,261 119,715,000 9,617,261 8 1,142,492,879 1,083,512,731 58,980,148 5.4
Corp Income Tax 7,539,790 3,612,000 3,927,790 108.7 135,166,059 121,363,097 13,802,962 11.4
Misc Taxes 10,270,945 7,484,000 2,786,945 37.2 166,815,057 143,913,666 22,901,391 15.9
Total Net $239,857,663 $220,829,000 $19,028,663 8.6 $2,467,977,694 $2,367,897,187 $100,080,507 4.2

*The projected amounts used in this comparison were set at the February 27, 2004 meeting of the Nebraska Economic Forecasting Advisory Board.

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