FOR IMMEDIATE RELEASE:
July 12, 2004
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — JUNE 2004
LINCOLN - On Monday, State Tax Commissioner Mary Jane Egr released June 2004 and fiscal year 2003-04 final General Fund receipts compared to certified estimates. Commissioner Egr reported that total gross General Fund receipts for fiscal year 2003-04 were $3,305,576,030. That is 2.9 percent above the revised projection of $3,213,186,000. Total gross receipts for the month of June 2004 were $298,383,248, which is 4.2 percent above the revised projection of $286,314,000. For the month, gross Corporate Income and Miscellaneous taxes were above projections by 42.3 and 25.1 percent, respectively, while gross Sales and Use and Individual Income taxes were below projections by 0.7 and 1.1 percent, respectively.
Total refunds for the fiscal year were $586,849,022, which is 2.7 percent below the projected amount of $603,186,000. For the month of June, total refunds were $47,633,937, which is 7.7 percent above the projected amount of $44,210,000.
Egr also said that net receipts were above projections for the fiscal year by $108,727,007. After refunds, total net receipts for fiscal year 2003-04 were $2,718,727,007, which is above the projected total of $2,610,000,000 by 4.2 percent. For the year, net General Fund receipts for Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above the revised forecast by 0.3, 4.5, 17.1, and 16.9 percent, respectively. Total net General Fund revenues for the month of June were $250,749,312, or 3.6 percent above the projected amount of $242,104,000. Net tax receipts for the month of June were below the revised forecast for Sales and Use and Individual Income taxes by 1.1 and 4.5 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 27, 2004. This forecast was certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on March 15, 2004. The February revision is the second certified revision of the fiscal year 2003-04 forecast. At the February meeting of the Forecasting Board, the forecast was revised downward by $41,000,000. The February forecast revised the Forecasting Board’s October 31, 2003 certified forecast. At the October meeting, the forecast for the fiscal year was revised downward by $80,975,000 from the original certified forecast of $2,731,975,000, which was made at the April 25, 2003 meeting of the Forecasting Board, adjusted for legislation, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 15, 2003. Net General Fund receipts for fiscal year 2003-04 were $13,247,993, or 0.5 percent, below the July 2003 certified forecast.
APPROVED:
Mary Jane Egr
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $170,796,440 | $170,796,440 | 0 | 0 | $170,796,440 | $170,796,440 | 0 | 0 |
| August | 237,996,407 | 237,996,407 | 0 | 0 | 408,792,847 | 408,792,847 | 0 | 0 |
| September | 256,392,737 | 256,392,737 | 0 | 0 | 665,185,584 | 665,185,584 | 0 | 0 |
| October | 161,236,973 | 161,236,973 | 0 | 0 | 826,422,557 | 826,422,557 | 0 | 0 |
| November | 219,893,391 | 219,893,391 | 0 | 0 | 1,046,315,948 | 1,046,315,948 | 0 | 0 |
| December | 234,683,263 | 234,683,263 | 0 | 0 | 1,280,999,211 | 1,280,999,211 | 0 | 0 |
| January | 231,274,359 | 231,274,359 | 0 | 0 | 1,512,273,570 | 1,512,273,570 | 0 | 0 |
| February | 206,223,617 | 206,223,617 | 0 | 0 | 1,718,497,187 | 1,718,497,187 | 0 | 0 |
| March | 214,048,291 | 177,773,000 | 36,275,291 | 20.4 | 1,932,545,478 | 1,896,270,187 | 36,275,291 | 1.9 |
| April | 295,574,553 | 250,798,000 | 44,776,553 | 17.9 | 2,228,120,031 | 2,147,068,187 | 81,051,844 | 3.8 |
| May | 239,857,663 | 220,829,000 | 19,028,663 | 8.6 | 2,467,977,694 | 2,367,897,187 | 100,080,507 | 4.2 |
| June | 250,749,312 | 242,104,000 | 8,645,312 | 3.6 | 2,718,727,007 | 2,610,000,000 | 108,727,007 | 4.2 |
| JUNE ACTUAL |
JUNE PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $119,909,071 | $120,788,000 | ($878,929) | (0.7) | $1,438,833,124 | $1,437,482,000 | $1,351,124 | 0.1 |
| Ind Income Tax | 123,778,224 | 125,134,000 | (1,355,776) | (1.1) | 1,480,362,785 | 1,435,305,000 | 45,057,785 | 3.1 |
| Corp Income Tax | 34,461,516 | 24,218,000 | 10,243,516 | 42.3 | 198,729,561 | 179,636,000 | 19,093,561 | 10.6 |
| Misc Taxes | 20,234,438 | 16,175,000 | 4,059,438 | 25.1 | 187,650,561 | 160,761,000 | 26,889,561 | 16.7 |
| Total Gross | $298,383,248 | $286,314,000 | $12,069,248 | 4.2 | $3,305,576,030 | $3,213,186,000 | $92,390,030 | 2.9 |
| REFUNDS |
||||||||
| Total Refunds | $47,633,937 | $44,210,000 | $3,423,937 | 7.7 | $586,849,022 | $603,186,000 | ($16,336,978) | (2.7) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $90,870,620 | $91,893,000 | ($1,022,380) | (1.1) | $1,114,374,321 | $1,111,000,000 | $3,374,321 | 0.3 |
| Ind Income Tax | 107,397,147 | 112,487,000 | (5,089,853) | (4.5) | 1,249,890,024 | 1,196,000,000 | 53,890,024 | 4.5 |
| Corp Income Tax | 32,263,373 | 21,637,000 | 10,626,373 | 49.1 | 167,429,431 | 143,000,000 | 24,429,431 | 17.1 |
| Misc Taxes | 20,218,172 | 16,086,000 | 4,132,172 | 25.7 | 187,033,230 | 160,000,000 | 27,033,230 | 16.9 |
| Total Net | $250,749,312 | $242,104,000 | $8,645,312 | 3.6 | $2,718,727,007 | $2,610,000,000 | $108,727,007 | 4.2 |
*The projected amounts used in this comparison were set at the February 27, 2004 meeting of the Nebraska Economic Forecasting Advisory Board.