FOR IMMEDIATE RELEASE:
July 10, 2009

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700

GENERAL FUND RECEIPTS — JUNE 2009

LINCOLN — June Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for June were $362 million, which is 6.5% below the recertified forecast of $387 million.

• Gross Sales and Use:  2.8% below forecast
• Gross Individual Income:  8.5% below forecast
• Gross Corporate Income:  4.6% above forecast
• Gross Miscellaneous: 21.2% below forecast

June Tax Refunds: Tax refunds for June were $44 million, which is 23.8% below the recertified forecast of $58 million.

June Net Receipts: Net receipts for June were $318 million, which is 3.4% below the recertified forecast of $329 million.

• Net Sales and Use:   1.9% above forecast
• Net Individual Income:   5.5% below forecast
• Net Corporate Income: 10.5% above forecast
• Net Miscellaneous: 21.2% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2008-2009 were $3,357 million, which is 1.1% below the recertified forecast of $3,394 million.

• Net Sales and Use:  0.3% below forecast
• Net Individual Income:  3.0% below forecast
• Net Corporate Income:  2.3% above forecast
• Net Miscellaneous:  5.6% above forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 23, 2009. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on May 7, 2009. By law, downward revisions to a certified forecast are recertified, so the comparisons made in this release are based on the May 7, 2009 recertified forecast. This recertified forecast replaces the forecast based on the board’s February 27, 2009 forecast.

Previous monthly press releases are found at http://www.revenue.ne.gov/research/gen_fund.html.

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2008-2009

 

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 $191,496,152 $191,496,156 (4) 0.0% $191,496,152 $191,496,156 (4) 0.0%
August 319,749,742 319,749,744 (2) 0.0 511,245,894 511,245,900 (6) 0.0
September 375,452,525 375,452,534 (9) 0.0 886,698,420 886,698,434 (14) 0.0
October 200,955,909 200,955,905 4 0.0 1,087,654,328 1,087,654,339 (10) 0.0
November 281,465,428 281,465,408 20 0.0 1,369,119,756 1,369,119,747 9 0.0
December 308,512,538 308,512,539 (1) 0.0 1,677,632,295 1,677,632,286 9 0.0
January 288,413,220 288,413,220 (6) 0.0 1,966,045,515 1,966,045,512 3 0.0
February 214,768,866 214,768,867 0 0.0 2,180,814,381 2,180,814,378 3 0.0
March 220,609,175 220,609,178 (3) 0.0 2,401,423,556 2,401,423,556 0 0.0
April 341,880,290 379,021,000 (37,140,710) (9.8) 2,743,303,846 2,780,444,000 (37,140,154) (1.3)
May 295,889,783 284,100,000 11,789,783 4.1 3,039,193,629 3,064,544,000 (25,350,371) (0.8)
June 318,274,557 329,456,000 (11,181,443) (3.4) 3,357,468,186 3,394,000,000 (36,531,814) (1.1)

Comparison of Actual and Projected General Fund Receipts by Tax Type
for June 2009 and Cumulative Fiscal Year 2008-2009

JUNE
ACTUAL		 JUNE
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$140,388,560
$144,437,000
($4,048,440)
(2.8%)
$1,707,294,042
$1,719,184,000
($11,889,958
(0.7%)
Ind. Income Tax
167,183,152
182,720,000
(15,536,848)
(8.5)
1,960,445,757
2,007,427,000
(46,981,243)
(2.3)
Corp. Income Tax
29,906,846
28,587,000
1,319,846
4.6
253,445,531
251,681,000
1,764,531
0.7
Misc. Taxes
24,939,520
31,669,000
(6,729,480)
(21.2)
232,549,461
220,254,000
12,295,461
5.6
Total Gross
 $362,418,078
$387,412,000
($24,993,922)
(6.5%)
$4,153,734,791
$4,198,546,000
($44,811,210)
(1.1%)
REFUNDS
Total Refunds
$44,143,521
$57,956,000
($13,812,479)
(23.8%)
$796,266,604
$804,546,000
($8,279,395)
(1.0%)
NET RECEIPTS
Sales & Use Tax
$114,242,628
$112,093,000
2,149,628
1.9%
$1,326,161,018
$1,330,000,000
($3,838,982)
(0.3%)
Ind. Income Tax
154,277,089
163,265,000
(8,987,911)
(5.5)
1,600,418,236
1,650,000,000
(49,581,765)
(3.0)
Corp. Income Tax
24,815,375
22,461,000
2,354,375
10.5
198,483,786
194,000,000
4,483,786
2.3
Misc. Taxes
24,939,465
31,637,000
(6,697,535)
(21.2)
232,405,147
220,000,000
12,405,147
5.6
Total Net
 $318,274,557
$329,456,000
($11,181,443)
(3.4%)
$3,357,468,186
$3,394,000,000
($36,531,814)

(1.1%)

*The projected amounts used in this comparison were set at the April 23, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and recertified on May 7, 2009. In the recertified forecast, previous months’ forecasts were reset to actual values.

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