FOR IMMEDIATE RELEASE:
July 10, 2012

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700

GENERAL FUND RECEIPTS — JUNE 2012

LINCOLN — June Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for June were $404 million, which is 1.6% above the certified forecast of $398 million.

• Gross Sales and Use:
     2.1% above forecast
• Gross Individual Income:
     1.9% above forecast
• Gross Corporate Income:
     2.7% below forecast
• Gross Miscellaneous:
     2.9% above forecast

June Tax Refunds: Tax refunds for June were $53 million, which is 4.4% above the certified forecast of $51 million.

June Net Receipts: Net receipts for June were $352 million, which is 1.1% above the certified forecast of $348 million.

• Net Sales and Use:
     0.8% below forecast
• Net Individual Income:
     1.7% above forecast
• Net Corporate Income:
     4.1% above forecast
• Net Miscellaneous:
     2.9% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $3.7 billion, which is 2.9% above the certified forecast of $3.6 billion.

• Net Sales and Use:
     0.8% above forecast
• Net Individual Income:
     3.7% above forecast
• Net Corporate Income:
   17.1% above forecast
• Net Miscellaneous:
     3.0% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011. On October 27, the forecasting board met and revised the forecast for the current year upward by $51.9 million. The forecasting board met again on February 24, 2012 and voted to retain the October forecast. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the forecast certified on July, 12, 2011.

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

##

APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2011-2012*

 

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
$200,410,336
 $211,449,000
-$11,038,665
-5.2
$200,410,336
$211,449,000
-$11,038,665
-5.2
August
328,095,462
328,955,000
-859,538
-0.3
528,505,797
540,404,000
-11,898,203
-2.2
September
352,198,248
348,138,000
4,060,248
1.2
880,704,046
888,542,000
-7,837,954
-0.9
October
222,675,821
205,211,000
17,464,821
8.5
1,103,379,866
1,093,753,000
9,626,866
0.9
November
304,541,302
310,425,000
-5,883,698
-1.9
1,407,921,169
1,404,178,000
3,743,169
0.3
December
315,752,839
307,691,000
8,061,839
2.6
1,723,674,008
1,711,869,000
11,805,008
0.7
January
332,895,309
307,342,000
25,553,309
8.3
2,056,569,317
2,019,211,000
37,358,317
1.9
February 227,923,183 228,928,000 -1,004,817 -0.4 2,284,492,500 2,248,139,000 36,353,500 1.6
March 294,885,808 262,417,000 32,468,808 12.4 2,579,378,307 2,510,556,000 68,822,307 2.7
April 427,308,325 398,560,000 28,748,325 7.2 3,006,686,632 2,909,116,000 97,570,632 3.4
May 337,561,396 334,337,000 3,224,396 1.0 3,344,248,028 3,243,453,000 100,795,028 3.1
June 351,640,752 347,646,000 3,994,752 1.1 3,695,888,781 3,591,099,000 104,789,781 2.9

Comparison of Actual and Projected General Fund Receipts by Tax Type
for June 2012 and Cumulative Fiscal Year 2011-2012*

  JUNE
ACTUAL		 JUNE
PROJECTED**		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED**		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$157,176,665
$153,917,000
 $3,259,665
2.1
$1,853,017,046
$1,841,452,000
$11,565,046
0.6
Ind. Income Tax
182,739,744
179,416,000
3,323,744
1.9
2,179,319,782
2,129,306,000
50,013,782
2.3
Corp. Income Tax
38,911,336
40,001,000
-1,089,664
-2.7
262,094,785
253,727,000
8,367,785
3.3
Misc. Taxes
25,616,684
24,905,000
 711,684
2.9
201,889,679
208,110,000
-6,220,321
-3.0
Total Gross
 $404,444,428 $398,238,000 $6,206,428 1.6 $4,496,321,292 $4,432,596,000 $63,725,292 1.4
REFUNDS
Total Refunds
 $52,803,676 $50,592,000 $2,211,676 4.4 $800,432,511 $841,496,000 -$41,063,489 -4.9
NET RECEIPTS
Sales & Use Tax
$118,709,997
$119,700,000
-$  990,003
-0.8
$1,436,909,373
$1,424,965,000
$ 11,944,373
0.8
Ind. Income Tax
170,130,313
167,332,000
2,798,313
1.7
1,822,884,254
1,758,136,000
 64,748,254
3.7
Corp. Income Tax
37,183,844
35,712,000
1,471,844
4.1
234,266,238
200,000,000
34,266,238
17.1
Misc. Taxes
25,616,598
24,902,000
714,598
2.9
201,828,916
207,995,000
-6,166,084
-3.0
Total Net
$351,640,752
$347,646,000
$3,994,752
1.1

$3,695,888,781
$3,591,099,000
$104,789,781
2.9

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.