FOR IMMEDIATE RELEASE:
July 14, 2003
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — JUNE 2003
LINCOLN — State Tax Commissioner Mary Jane Egr released June General Fund receipts compared to certified monthly estimates on Monday. Commissioner Egr reported that total gross General Fund receipts for fiscal year 2002-03 were $3,040,817,022. That is 1.4 percent below the revised projection of $3,084,629,000. Total gross receipts for the month of June 2003 were $268,241,693, which is 2.1 percent below the revised projection of $273,936,000. For the month, gross Sales and Use, Corporate Income, and Miscellaneous taxes were above projections by 1.3, 11.4, and 9.5 percent, respectively.
Total refunds for the fiscal year were $584,417,187, which is 1.0 percent above the projected amount of $578,628,000. For the month of June, total refunds were $59,692,770, which is 51.9 percent above the projected amount of $39,302,000.
Egr also said that net receipts were below projections for the fiscal year by $49,600,162. After refunds, total net receipts for fiscal year 2002-03 to date were $2,456,399,835, below the projected total of $2,506,000,000 by 2.0 percent. For the year, net General Fund receipts for Sales and Use, Corporate Income, and Miscellaneous taxes were above the revised forecast by 1.4, 11.6, and 0.2 percent, respectively.
Total net general fund revenues for the month of June were $208,548,923, or 11.1 percent below the projected amount of $234,634,000. Net tax receipts for the month of June were below the revised forecast for Sales and Use, and Individual Income taxes by 1.2 and 24.5 percent, respectively.
The comparisons are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 28, 2003. At this meeting, the board revised downward its forecast of General Fund revenue for fiscal year 2002-03. As required by law, the 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, 2003.
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 | $173,073,810 | $173,074,000 | (190) | (0.0) | $173,073,810 | $173,074,000 | (190) | (0.0) |
| August | 220,370,095 | 220,370,000 | 95 | 0 | 393,443,906 | 393,444,000 | (94) | (0.0) |
| September | 255,406,007 | 255,406,000 | 7 | 0 | 648,849,912 | 648,850,000 | (88) | (0.0) |
| October | 137,779,538 | 137,780,000 | (462) | (0.0) | 786,629,450 | 786,630,000 | (550) | (0.0) |
| November | 195,167,407 | 195,167,000 | 407 | 0 | 981,796,857 | 981,797,000 | (143) | (0.0) |
| December | 224,281,665 | 224,282,000 | (335) | (0.0) | 1,206,078,522 | 1,206,079,000 | (478) | (0.0) |
| January | 231,508,102 | 231,508,000 | 102 | 0 | 1,437,586,624 | 1,437,587,000 | (376) | (0.0) |
| February | 188,166,290 | 188,166,000 | 290 | 0 | 1,625,752,914 | 1,625,753,000 | (86) | (0.0) |
| March | 174,064,913 | 168,248,000 | 5,816,913 | 3.5 | 1,799,817,827 | 1,794,001,000 | 5,816,827 | 0.3 |
| April | 249,426,260 | 261,117,000 | (11,690,740) | (4.5) | 2,049,244,086 | 2,055,118,000 | (5,873,914) | (0.3) |
| May | 198,606,825 | 216,248,000 | (17,641,175) | (8.2) | 2,247,850,912 | 2,271,366,000 | (23,515,088) | (1.0) |
| June | 208,548,923 | 234,634,000 | (26,085,077) | (11.1) | 2,456,399,835 | 2,506,000,000 | (49,600,165) | (2.0) |
| JUNE ACTUAL |
JUNE PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $112,460,867 | $110,990,000 | $1,470,867 | 1.3 | $1,324,488,842 | $1,323,151,000 | $1,337,842 | 0.1 |
| Ind Income Tax | 120,129,766 | 130,686,000 | (10,556,234) | (8.1) | 1,376,326,118 | 1,430,442,000 | (54,115,882) | (3.8) |
| Corp Income Tax | 19,908,495 | 17,876,000 | 2,032,495 | 11.4 | 152,362,738 | 144,516,000 | 7,846,738 | 5.4 |
| Misc Taxes | 15,742,565 | 14,383,000 | 1,359,565 | 9.5 | 187,639,324 | 186,519,000 | 1,120,324 | 0.6 |
| Total Gross | $268,241,693 | $273,936,000 | ($5,694,307) | (2.1) | $3,040,817,022 | $3,084,629,000 | ($43,811,978) | (1.4) |
| REFUNDS | ||||||||
| Total Refunds | $59,692,770 | $39,302,000 | $20,390,770 | 51.9 | $584,417,187 | $578,628,000 | $5,789,187 | 1.0 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $85,744,789 | $86,764,000 | ($1,019,211) | (1.2) | $1,028,931,065 | $1,015,000,000 | $13,931,065 | 1.4 |
| Ind Income Tax | 88,726,632 | 117,550,000 | (28,823,368) | (24.5) | 1,129,421,651 | 1,205,000,000 | (75,578,349) | (6.3) |
| Corp Income Tax | 18,829,643 | 15,967,000 | 2,862,643 | 17.9 | 111,597,405 | 100,000,000 | 11,597,405 | 11.6 |
| Misc Taxes | 15,247,861 | 14,354,000 | 893,861 | 6.2 | 186,449,714 | 186,000,000 | 449,714 | 0.2 |
| Total Net | $208,548,923 | $234,634,000 | ($26,085,077) | (11.1) | $2,456,399,835 | $2,506,000,000 | ($49,600,165) | (2.0) |
*The projected amounts used in this comparison were set at the February 28, 2003 meeting of the Nebraska Economic Forecasting Advisory Board.