FOR IMMEDIATE RELEASE:
July 11, 2005
FOR INFORMATION CONTACT:
Mary J. Egr Edson, State Tax
Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — JUNE 2005
LINCOLN -- On Monday, State Tax Commissioner Mary J. Egr Edson released June 2005 and fiscal year 2004-05 final General Fund receipts compared to certified estimates. Commissioner Egr Edson reported that total gross General Fund receipts for fiscal year 2004-05 were $3,626,195,395. That is 7.2 percent above the certified projection of $3,381,278,000. Total gross receipts for the month of June 2005 were $327,401,358, which is 8.9 percent above the certified projection of $300,598,000. For the month, gross Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above projections by 3.4, 6.8, 37.4 and 16.7 percent, respectively.
Total refunds for the month of June were $39,213,517 which is 17.0 percent below the projected amount of $47,223,000.
Egr Edson also said that net receipts were above projections for the month of June by $34,812,841. After refunds, total net receipts for the month were $288,187,841, or 13.7 percent above the projected amount of $253,375,000. For the month of June, net Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above forecast by 6.6, 12.0, 45.6 and 17.3 percent, respectively.
Egr Edson also said that net receipts were ahead of projections for fiscal year 2004-05 by $261,715,297. After refunds, total net receipts for the fiscal year were $3,037,194,297, which is above the projected total of $2,775,479,000 by 9.4 percent. For the fiscal year, net General Fund receipts for Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above the forecast by 5.0, 10.9, 32.9 and 8.7 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 adjusted for legislation passed by the 2004 Legislature and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 13, 2004. The Nebraska Economic Forecasting Advisory Board met in October 2004, February 2005, and April 2005, and revised the fiscal year 2004-05 forecast upward by a total of $213,521,000 from the original certified forecast. By statute, none of the revised forecasts were certified. The comparisons contained in this release are made on the basis of the February 2004 certified forecast.
APPROVED:
Mary J. Egr Edson
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $188,973,714 | $183,846,000 | 5,127,714 | 2.8 | $188,973,714 | $183,846,000 | 5,127,714 | 2.8 |
| August | 272,764,013 | 247,319,000 | 25,445,013 | 10.3 | 461,737,727 | 431,165,000 | 30,572,727 | 7.1 |
| September | 283,094,494 | 275,205,000 | 7,889,494 | 2.9 | 744,832,221 | 706,370,000 | 38,462,221 | 5.4 |
| October | 185,175,490 | 167,966,000 | 17,209,490 | 10.2 | 930,007,710 | 874,336,000 | 55,671,710 | 6.4 |
| November | 253,273,269 | 228,411,000 | 24,862,269 | 10.9 | 1,183,280,980 | 1,102,747,000 | 80,533,980 | 7.3 |
| December | 255,610,893 | 242,138,000 | 13,472,893 | 5.6 | 1,438,891,873 | 1,344,885,000 | 94,006,873 | 7 |
| January | 285,651,163 | 239,682,000 | 45,969,163 | 19.2 | 1,724,543,036 | 1,584,567,000 | 139,976,036 | 8.8 |
| February | 201,674,320 | 209,414,000 | (7,739,680) | (3.7) | 1,926,217,355 | 1,793,981,000 | 132,236,355 | 7.4 |
| March | 220,430,975 | 201,155,000 | 19,275,975 | 9.6 | 2,146,648,330 | 1,995,136,000 | 151,512,330 | 7.6 |
| April | 340,249,060 | 292,622,000 | 47,627,060 | 16.3 | 2,486,897,390 | 2,287,758,000 | 199,139,390 | 8.7 |
| May | 262,109,066 | 234,347,000 | 27,762,066 | 11.8 | 2,749,006,456 | 2,522,105,000 | 226,901,456 | 9 |
| June | 288,187,841 | 253,375,000 | 34,812,841 | 13.7 | 3,037,194,297 | 2,775,479,000 | 261,715,297 | 9.4 |
| JUNE ACTUAL |
JUNE PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $128,542,337 | $124,258,000 | $4,284,337 | 3.4 | $1,558,064,953 | $1,505,410,000 | $52,654,953 | 3.5 |
| Ind Income Tax | 134,440,349 | 125,908,000 | 8,532,349 | 6.8 | 1,636,447,880 | 1,498,024,000 | 138,423,880 | 9.2 |
| Corp Income Tax | 36,915,975 | 26,864,000 | 10,051,975 | 37.4 | 222,869,301 | 185,895,000 | 36,974,301 | 19.9 |
| Misc Taxes | 27,502,697 | 23,568,000 | 3,934,697 | 16.7 | 208,813,261 | 191,949,000 | 16,864,261 | 8.8 |
| Total Gross | $327,401,358 | $300,598,000 | $26,803,358 | 8.9 | $3,626,195,395 | $3,381,278,000 | $244,917,395 | 7.2 |
| REFUNDS |
||||||||
| Total Refunds | $39,213,517 | $47,223,000 | ($8,009,483) | (17.0) | $589,001,098 | $605,799,000 | ($16,797,902) | (2.8) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $100,671,168 | $94,431,000 | $6,240,168 | 6.6 | $1,231,011,089 | $1,172,491,000 | $58,520,089 | 5.0 |
| Ind Income Tax | 124,130,762 | 110,844,000 | 13,286,762 | 12.0 | 1,400,076,680 | 1,262,599,000 | 137,477,680 | 10.9 |
| Corp Income Tax | 35,927,008 | 24,682,000 | 11,245,008 | 45.6 | 198,380,442 | 149,271,000 | 49,109,442 | 32.9 |
| Misc Taxes | 27,458,904 | 23,418,000 | 4,040,904 | 17.3 | 207,726,086 | 191,118,000 | 16,608,086 | 8.7 |
| Total Net | $288,187,841 | $253,375,000 | $34,812,841 | 13.7 | $3,037,194,297 | $2,775,479,000 | $261,715,297 | 9.4 |
*The projected amounts used in this comparison were set at the February 27, 2004 meeting of the Nebraska Economic Forecasting Advisory Board.