FOR IMMEDIATE RELEASE:
June 11, 2008

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700

GENERAL FUND RECEIPTS — MAY, 2008

LINCOLN — Tax Commissioner Douglas Ewald reported Wednesday that total gross General Fund receipts for the month of May were $341,135,658. That is 0.8 percent above the projected amount of $338,536,000. For the month of May, gross Sales and Use, Corporate Income, and Miscellaneous taxes were above forecast by 2.2, 8.0, and 19.9 percent, respectively.

Total refunds for the month of May were $59,795,794 which is 14.8 percent below the projected amount of $70,213,000.
Ewald also said that net receipts were above projections for the month of May by $13,016,864. After refunds, total net receipts for the month were $281,339,864, or 4.9 percent above the projected amount of $268,323,000. For the month of May, net Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above projections by 0.8, 5.8, 12.2, and 21.0 percent, respectively.

Ewald also said that fiscal year-to-date net receipts were above projections for the first eleven months of fiscal year 2007-08 by $95,431,586. After refunds, total net receipts for the fiscal year through May were $3,168,672,586, which is above the projected total of $3,073,241,000 by 3.1 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, and Individual Income taxes were above forecast by 1.9 and 5.1 percent, respectively.

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 26, 2007. This forecast was adjusted for legislation passed by the 2007 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 13, 2007. On October 26, the forecasting board met and revised the fiscal year 2007-08 forecast upward by $68.8 million dollars. On February 22, 2008, the Board met and revised the October forecast for fiscal year 2007-08 downward by $51.0 million. The February revised forecast represents a net increase of $17.8 million over the certified forecast. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the April 2007 certified forecast.

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Research Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2007-2008

  

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
$204,650,626
$212,327,000
(7,676,373)
(3.6)
$204,650,626
$ 212,327,000
(7,676,373)
(3.6)
August
293,314,872
307,436,000
(14,121,127)
(4.6)
497,965,498
519,763,000
(21,797,501)
(4.2)
September
379,919,253
347,809,000
32,110,253
9.2
877,884,751
867,572,000
10,312,751
1.2
October
202,832,479
206,103,000
(3,270,521)
(1.6)
1,080,717,230
1,073,675,000
7,042,230
0.7
November
300,868,414
291,326,000
9,542,414
3.3
1,381,585,644
1,365,001,000
16,584,644
1.2
December
307,095,215
304,286,000
2,809,215
0.9
1,688,680,859
1,669,287,000
19,393,859
1.2
January
287,605,780
311,960,000
(24,354,220)
(7.8)
1,976,286,639
1,981,247,000
(4,960,361)
(0.3)
February
238,367,310
216,900,000
21,467,310
9.9
2,214,653,950
2,198,147,000
16,506,950
0.8
March
243,363,015
212,077,000
31,286,015
14.8
2,458,016,965
2,410,224,000
47,792,965
2.0
April
429,315,757
394,694,000
34,621,757
8.8
2,887,332,722
2,804,918,000
82,414,722
2.9
May
281,339,864
268,323,000
13,016,864
4.9
3,168,672,586
3,073,241,000
95,431,586
3.1

Comparison of Actual and Projected General Fund Receipts by Major Source for May 2008
and Cumulative Fiscal Year 2007-2008

  MAY
ACTUAL		 MAY
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$135,432,532
$132,508,000
$2,924,532
2.2
$1,573,330,342
$1,528,707,000
$44,623,342
2.9
Ind Income Tax
179,247,904
182,834,0000
(3,586,096)
(2.0)
1,885,180,097
1,822,808,000
62,372,097
3.4
Corp Income Tax
12,341,299
11,422,000
919,299
8.0
244,432,440
243,771,000
661,440
0.3
Misc Taxes
14,113,923
11,772,000
2,341,923
19.9
202,175,842
202,669,000
(493,158)
(0.2)
Total Gross
$341,135,658
$338,536,000
$2,599,658
0.8
$3,905,118,720
$3,797,953,000
$107,165,720
2.8
REFUNDS
Total Refunds
$59,795,794
$70,213,000
($10,417,206)
(14.8)
$736,446,135
$724,713,000
$11,733,135
1.6
NET RECEIPTS
Sales & Use Tax
$99,805,853
$99,034,000
$771,853
0.8
$1,206,112,188
$1,183,949,000
$22,163,188
1.9
Ind Income Tax
156,983,962
148,317,000
8,666,962
5.8
1,557,456,681
1,481,577,000
75,879,681
5.1
Corp Income Tax
10,437,320
9,306,000
1,131,320
12.2
203,470,915
206,073,000
(2,602,085)
(1.3)
Misc Taxes
14,112,729
11,666,000
2,446,729
21.0
201,632,801
201,643,000
(10,199)
0.0
Total Net
$281,339,864
$268,323,000
$13,016,864
4.9
$3,168,672,586
$3,073,241,000
$95,431,586
3.1

*The projected amounts used in this comparison were set at the April 26, 2007 meeting of the Nebraska Economic Forecasting Advisory Board.

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