FOR IMMEDIATE RELEASE:
July 13, 2001
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Research Administrator
402/471-5700
GENERAL FUND RECEIPTS — JUNE 2001
LINCOLN — State Tax Commissioner Mary Jane Egr reported Friday that total gross General Fund receipts for fiscal year 2000-01 were $2,984,181,599. That is $23,233,401, or 0.8 percent below the projected amount of $3,007,415,000. Total gross receipts finished the year ahead of projections for Miscellaneous taxes by 6.1 percent; while Sales and Use, Individual Income, and Corporate Income taxes finished the year below projections by 2.3, 0.1, and 2.4 percent, respectively. Total gross receipts for the month of June 2001, were $264,567,667, below the projection of $288,197,000 by 8.2 percent. For the month, gross Sales and Use, Corporate Income, and Miscellaneous taxes were below projections by 12.2, 25.3, and 14.7 percent, respectively.
Total refunds for the fiscal year were $527,319,744, which is 0.1 percent above the projected amount of $526,713,000.
Egr also said that total net receipts were below projections for the fiscal year by just under 1 percent. Total receipts finished behind the forecast by $23,839,145. After refunds, total net receipts for fiscal year 2000-01 were $2,456,861,855, below the projected total of $2,480,701,000. For the year, net General Fund receipts for the Individual Income and Miscellaneous taxes exceeded the forecast by 0.3 and 6.1 percent, respectively.
Total net general fund revenue for the month of June was $229,959,991, or 6.0 percent below the projected amount of $244,602,000. Net tax receipts for the month of June lagged the forecast for Sales and Use, Corporate Income, and Miscellaneous taxes by 7.5, 26.4, and 14.9 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, June collections were $24,794,009, or 9.7 percent, below the revised forecast amount of $254,754,000. For the fiscal year, actual total net receipts were $57,138,145, or 2.3 percent below the April revised forecast. The April revised forecast of total net General Fund revenue for the fiscal year ending June 30, 2001 was $2,514,000,000, compared to the certified forecast of $2,480,701,000. The revised forecast was used by the Legislature and Governor in the budgeting process for the biennium covering fiscal years 2001-02 and 2002-03.
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) |
| June | 229,959,991 | 244,602,000 | (14,642,009) | (6.0) | 2,456,861,855 | 2,480,701,000 | (23,839,145) | (1.0) |
| JUNE ACTUAL |
JUNE PROJECTED* |
DIFFERENCE |
PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $95,569,437 | $108,791,000 | ($13,221,563) | (12.2) | $1,201,876,088 | $1,230,012,000 | ($28,135,912) | (2.3) |
| Ind Income Tax | 122,363,779 | 121,348,000 | 1,015,779 | 0.8 | 1,424,199,531 | 1,425,317,000 | (1,117,469) | (0.1) |
| Corp Income Tax | 20,345,436 | 27,229,000 | (6,883,564) | (25.3) | 177,115,050 | 181,542,000 | (4,426,950) | (2.4) |
| Misc Taxes | 26,289,015 | 30,829,000 | (4,539,985) | (14.7) | 180,990,930 | 170,544,000 | 10,446,930 | 6.1 |
| Total Gross | $264,567,667 | $288,197,000 | ($23,629,333) | (8.2) | $2,984,181,599 | $3,007,415,000 | ($23,233,401) | (0.8) |
| REFUNDS | ||||||||
| Total Refunds | $34,607,676 | $43,595,000 | ($8,987,324) | (20.6) | $527,319,744 | $526,713,000 | $606,744 | 0.1 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $75,644,966 | $81,772,000 | ($6,127,034) | (7.5) | $905,023,176 | $940,400,000 | ($35,376,824) | (3.8) |
| Ind Income Tax | 108,961,571 | 105,993,000 | 2,968,571 | 2.8 | 1,233,363,553 | 1,229,295,000 | 4,068,553 | 0.3 |
| Corp Income Tax | 19,145,326 | 26,025,000 | (6,879,674) | (26.4) | 138,040,082 | 140,952,000 | (2,911,918) | (2.1) |
| Misc Taxes | 26,208,128 | 30,811,000 | (4,602,872) | (14.9) | 180,435,044 | 170,054,000 | 10,381,044 | 6.1 |
| Total Net | $229,959,991 | $244,602,000 | ($14,642,009) | (6.0) | $2,456,861,855 | $2,480,701,000 | ($23,839,145) | (1.0) |