FOR IMMEDIATE RELEASE:
June 10, 2011
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700
GENERAL FUND RECEIPTS — May 2011
LINCOLN — May Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for May were $391 million, which is 6.2% above the recertified forecast of $369 million.
| • Gross Sales and Use: | 8.5% above forecast |
| • Gross Individual Income: | 6.2% above forecast |
| • Gross Corporate Income: | 8.7% below forecast |
| • Gross Miscellaneous: | 10.4% below forecast |
May Tax Refunds: Tax refunds for May were $51 million, which is 11.7% below the recertified forecast of $58 million.
May Net Receipts: Net receipts for May were $340 million, which is 9.5% above the recertified forecast of $311 million.
| • Net Sales and Use: | 17.2% above forecast |
| • Net Individual Income: | 8.5% above forecast |
| • Net Corporate Income: | 42.9% below forecast |
| • Net Miscellaneous: | 10.3% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $3,141 million, which is 4.2% above the recertified forecast of $3,015 million.
| • Net Sales and Use: | 1.4% above forecast |
| • Net Individual Income: | 8.0% above forecast |
| • Net Corporate Income: | 4.5% below forecast |
| • Net Miscellaneous: | 1.4% below forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2011. At this meeting, the forecasting Board revised downward its October 2010 forecast of General Fund revenue for FY2010-11 by $9.5 million. The Board's forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on March 10, 2011, as required by law. The forecasting Board met again on April 28, 2011. At this meeting General Fund revenues for FY2010-11 were revised upward by $82.5 million. By statute, upward revisions to the forecast are not recertified; therefore, revenues in this release are compared to the March recertified forecast.
Previous monthly press releases are at www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
DEPARTMENT OF REVENUE
Policy
Division
Comparison of Actual and Projected General Fund Receipts for Fiscal
Year 2010-2011*
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$179,591,989 |
$179,592,000 | 0 |
0.0 |
$179,591,989 |
$ 179,592,000 |
0 |
0.0 |
August |
321,595,200 |
321,595,200 |
0 |
0.0 |
501,187,189 |
501,187,000 |
0 |
0.0 |
| September | 340,792,100 | 340,792,000 | 0 | 0.0 | 841,979,289 | 841,979,000 | 0 | 0.0 |
| October | 191,162,664 | 191,163,000 | 0 | 0.0 | 1,033,141,952 | 1,033,142,000 | 0 | 0.0 |
| November | 294,317,381 | 294,317,000 | 0 | 0.0 | 1,327,459,333 | 1,327,459,000 | 0 | 0.0 |
| December | 297,308,646 | 297,309,000 | 0 | 0.0 | 1,624,767,980 | 1,624,768,000 | 0 | 0.0 |
| January | 289,870,265 | 289,870,000 | 0 | 0.0 | 1,914,638,244 | 1,914,638,000 | 0 | 0.0 |
| February | 213,827,526 | 214,113,000 | -285,474 | -0.1 | 2,128,465,770 | 2,128,751,000 | -285,230 | 0.0 |
| March | 267,811,221 | 240,580,000 | 27,231,221 | 11.3 | 2,396,276,991 | 2,369,331,000 | 26,945,991 | 1.1 |
| April | 404,453,871 | 334,708,000 | 69,745,871 | 20.8 | 2,800,730,862 | 2,704,039,000 | 96,691,862 | 3.6 |
| May | 340,367,174 | 310,887,000 | 29,480,174 | 9.5 | 3,141,098,036 | 3,014,926,000 | 126,172,036 | 4.2 |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for May 2011
and Cumulative
Fiscal Year 2010-2011*
| MAY ACTUAL |
MAY PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$155,092,586 |
$142,924,000 |
$12,168,586 |
8.5 |
$1,616,138,296 |
$1,607,273,000 |
$8,865,296 |
0.6 |
Ind. Income Tax |
217,042,396 |
204,454,000 |
12,588,396 |
6.2 |
1,897,770,654 |
1,821,010,000 |
76,760,654 |
4.2 |
Corp. Income Tax |
9,448,790 |
10,348,000 |
-899,210 |
-8.7 |
183,619,123 |
187,452,000 |
-3,832,877 |
-2.0 |
Misc. Taxes |
9,816,020 |
10,952,000 |
-1,135,980 |
-10.4 |
195,181,989 |
197,990,000 |
-2,808,011 |
-1.4 |
Total Gross |
$391,399,792 | $368,679,000 | $22,720,792 | 6.2 | $3,892,710,061 | $3,813,727,000 | $78,983,061 | 2.1 |
REFUNDS |
||||||||
Total Refunds |
$51,032,619 | $57,792,000 | -$6,759,381 | -11.7 | $751,612,025 | $798,801,000 | -$47,188,975 | -5.9 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$127,314,237 |
$108,627,000 |
$18,687,237 |
17.2 |
$1,255,912,150 |
$1,238,416,000 |
$ 17,496,150 |
1.4 |
Ind. Income Tax |
198,459,145 |
182,950,000 |
15,509,145 |
8.5 |
1,571,635,564 |
1,454,623,000 |
117,012,564 |
8.0 |
Corp. Income Tax |
4,777,896 |
8,368,000 |
-3,590,104 |
-42.9 |
118,417,251 |
124,021,000 |
-5,603,749 |
-4.5 |
Misc. Taxes |
9,815,895 |
10,942,000 |
-1,126,105 |
-10.3 |
195,133,070 |
197,865,000 |
-2,731,930 |
-1.4 |
Total Net |
$340,367,174 |
$310,887,000 |
$29,480,174 |
9.5 |
$3,141,098,036 |
$3,014,926,000 |
$126,172,036 |
4.2 |
*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the February 25, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and recertified on March 10, 2011.
