FOR IMMEDIATE RELEASE:
August 14, 2002
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
David Dearmont, Administrator
GENERAL FUND RECEIPTS — JULY 2002
LINCOLN — State Tax Commissioner Mary Jane Egr reported Wednesday that total gross General Fund receipts for the first month of fiscal year 2002-03 were $197,961,218. That is 4.9 percent above the projected amount of $188,721,000. For the month of July, Gross Sales and Use, and Miscellaneous taxes were ahead of projections by 0.3 and 114.3 percent, respectively. Gross Individual Income and Corporate Income taxes were behind projections by 10.3 and 5.5 percent, respectively.
Total refunds for the month of July were $24,887,408 which is 26.9 percent below the projected amount of $34,049,000.
Egr also said that net receipts were above projections for the month of July by $18,401,810. After refunds, total net receipts for the month were $173,073,810, or 11.9 percent above the projected amount of $154,672,000. For the month of July, net Sales and Use, Corporate Income, and Miscellaneous taxes were above the forecast by 6.6, 26.5, and 114.6 percent, respectively.
It should be noted that most of the difference between actual and forecast receipts is in the Miscellaneous taxes category, and nearly all of the difference is due to the timing of transfers into the General Fund. Approximately $19.3 million of cash fund transfers were made to the General Fund in July that were anticipated to occur later in the fiscal year.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 22, 2002. This forecast was adjusted for legislation passed by the 2002 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst. Note that the Nebraska Economic Forecasting Advisory Board met in a special session on July 18, 2002, and issued a revised forecast that was reduced by $129.9 million. As required by law, a new cash flow forecast will be certified following the close of the special session of the Nebraska Legislature to incorporate the revised forecast, and any changes made by the Legislature.
Mary Jane Egr
State Tax Commissioner
|Sales & Use Tax||$108,338,754||$108,034,000||$304,754||0.3|
|Ind Income Tax||54,412,615||60,646,000||(6,233,385)||(10.3)|
|Corp Income Tax||6,107,623||6,462,000||(354,377)||(5.5)|
|Sales & Use Tax||$89,067,191||$83,528,000||$5,539,191||6.6|
|Ind Income Tax||50,880,130||54,387,000||(3,506,870)||(6.4)|
|Corp Income Tax||4,065,631||3,214,000||851,631||26.5|
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