FOR IMMEDIATE RELEASE:
June 8, 2007
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — MAY, 2007
LINCOLN — State Tax Commissioner Douglas Ewald reported Friday that total gross General Fund receipts for the month of May were $328,478,046. That is 0.2 percent below the projected amount of $329,132,000. For the month of May, gross Individual Income and Corporate Income taxes were ahead of forecast by 5.9 and 20.8 percent, respectively. The April gross Sales and Use and total General Fund receipts included an estimated $10 million in receipts that were adjusted out of the May report, due to a taxpayer error. This accounts for the shortfall in May gross Sales and Use receipts.
Total refunds for the month of May were $63,621,103 which is 1.5 percent below the projected amount of $64,576,000.
Ewald also said that net receipts were above projections for the month of May by $300,943. After refunds, total net receipts for the month were $264,856,943, or 0.1 percent above the projected amount of $264,556,000. For the month of May, net Individual Income and Corporate Income taxes were ahead of projections by 13.5 and 7.2 percent, respectively.
Ewald also said that net receipts were ahead of projections for the first eleven months of fiscal year 2006-07 by $168,344,630. After refunds, total net receipts for the fiscal year through May were $3,073,607,630, which is above the projected total of $2,905,263,000 by 5.8 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, Individual Income and Miscellaneous taxes were above the forecast by 2.7, 9.2 and 8.9 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 24, 2006. This forecast was adjusted for legislation passed by the 2006 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 14, 2006. The Forecasting Board met on October 27, 2006 and revised the forecast for the current fiscal year upward by $99.1 million from $3,216,895,000 to $3,316,000,000. On February 23, 2007, the board met again and revised the forecast upward by an additional $30.0 million from $3,316,000,000 to $3,346,000,000. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the February 2006 certified forecast.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $212,985,876 | $194,379,000 | $18,606,876 | 9.6 | $212,985,876 | $194,379,000 | 18,606,876 | 9.6 |
| August | 292,539,034 | 287,041,000 | 5,498,034 | 1.9 | 505,524,910 | 481,420,000 | 24,104,910 | 5.0 |
| September | 341,292,562 | 316,049,000 | 25,243,562 | 8.0 | 846,817,472 | 797,469,000 | 49,348,472 | 6.2 |
| October | 190,902,339 | 201,412,000 | (10,509,661) | (5.2) | 1,037,719,812 | 998,881,000 | 38,838,812 | 3.9 |
| November | 279,502,974 | 261,490,000 | 18,012,974 | 6.9 | 1,317,222,785 | 1,260,371,000 | 56,851,785 | 4.5 |
| December | 285,340,008 | 277,251,000 | 8,089,008 | 2.9 | 1,602,562,793 | 1,537,622,000 | 64,940,793 | 4.2 |
| January | 313,975,424 | 296,157,000 | 17,818,424 | 6.0 | 1,916,538,217 | 1,833,779,000 | 82,759,217 | 4.5 |
| February | 232,434,703 | 224,696,000 | 7,738,703 | 3.4 | 2,148,972,921 | 2,058,475,000 | 90,497,921 | 4.4 |
| March | 237,642,935 | 218,880,000 | 18,762,935 | 8.6 | 2,386,615,855 | 2,277,355,000 | 109,260,855 | 4.8 |
| April | 422,134,832 | 363,352,000 | 58,782,832 | 16.2 | 2,808,750,687 | 2,640,707,000 | 168,043,687 | 6.4 |
| May | 264,856,943 | 264,556,000 | 300,943 | 0.1 | 3,073,607,630 | 2,905,263,000 | 168,344,630 | 5.8 |
| MAY ACTUAL |
MAY PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$123,745,419 |
$133,282,000 |
($9,536,581) |
(7.2) |
$1,512,501,870 |
$1,489,688,000 |
$22,813,870 |
1.5 |
Ind Income Tax |
182,335,394 |
172,223,0000 |
10,112,394 |
5.9 |
1,789,143,684 |
1,659,488,000 |
129,655,684 |
7.8 |
Corp Income Tax |
11,721,879 |
9,703,000 |
2,018,879 |
20.8 |
236,906,388 |
215,151,000 |
21,755,388 |
10.1 |
Misc Taxes |
10,675,354 |
13,923,000 |
(3,247,646) |
(23.3) |
204,854,320 |
188,276,000 |
16,578,320 |
8.8 |
Total Gross |
$328,478,046 |
$329,132,000 |
($653,954) |
(0.2) |
$3,743,406,262 |
$3,552,603,000 |
$190,803,262 |
5.4 |
REFUNDS |
||||||||
Total Refunds |
$63,621,103 |
$64,576,000 |
($954,897) |
(1.5) |
$669,798,632 |
$647,340,000 |
$22,458,632 |
3.5 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$90,052,918 |
$105,543,000 |
($15,490,082) |
(14.7) |
$1,190,703,368 |
$1,159,123,000 |
$31,580,368 |
2.7 |
Ind Income Tax |
155,296,705 |
136,851,000 |
18,445,705 |
13.5 |
1,497,957,705 |
1,371,878,000 |
126,079,705 |
9.2 |
Corp Income Tax |
8,938,044 |
8,341,000 |
597,044 |
7.2 |
180,959,624 |
186,922,000 |
(5,962,376) |
(3.2) |
Misc Taxes |
10,569,276 |
13,821,000 |
(3,251,724) |
(23.5) |
203,986,933 |
187,338,000 |
16,648,933 |
8.9 |
Total Net |
$264,856,943 |
$264,556,000 |
$300,943 |
0.1 |
$3,073,607,630 |
$2,905,263,000 |
$168,344,630 |
5.8 |
*The projected amounts used in this comparison were set at the April 26, 2007 meeting of the Nebraska Economic Forecasting Advisory Board.