FOR IMMEDIATE RELEASE:
September 12, 2000
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Research Administrator
402/471-5700
GENERAL FUND RECEIPTS — AUGUST 2000
State Tax Commissioner Mary Jane Egr reported Tuesday that total gross General Fund receipts for the first two months of fiscal year 2000-01 were $407,419,882. That is 1.6 percent below the projected amount of $414,028,000. Total gross receipts for the month of August 2000, were $228,215,530, below the projection of $240,725,000 by 5.2 percent. For the month, gross Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were behind projections by 6.1, 1.6, 46.3, and 13.0 percent, respectively.
Total refunds for the fiscal year to date are $59,835,949, which is 2.6 percent above the projected amount of $58,309,000.
Egr also said that net receipts were behind projections for the first two months of the fiscal year by $8,135,066. After refunds, total net receipts for fiscal year 2000-01 to date are $347,583,934, below projected total of $355,719,000 by 2.3 percent. For the year to date, net General Fund receipts for Individual Income and Miscellaneous taxes were ahead of the forecast by 2.0, and 3.3 percent, respectively. Total net general fund revenue for the month of August was $197,820,816, or 6.3 percent below the projected amount of $211,058,000.
As required by law, the comparisons are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2000. This forecast was adjusted for legislation passed by the 2000 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst.
APPROVED:
Mary Jane Egr
State Tax Commissioner
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 | $149,763,118 | $144,661,000 | $5,102,118 | 3.5 | $149,763,118 | $144,661,000 | $5,102,118 | 3.5 |
|---|---|---|---|---|---|---|---|---|
| August | 197,820,816 | 211,058,000 | (13,237,184) | (6.3) | 347,583,934 | 355,719,000 | (8,135,066) | (2.3) |
AUGUST ACTUAL |
AUGUST PROJECTED* |
DIFFERENCE |
PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
| GROSS RECEIPTS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sales & Use Tax | $94,609,977 | $100,805,000 | ($6,195,023) | (6.1) | $199,549,318 | $202,341,000 | ($2,791,682) | (1.4) |
| Ind Income Tax | 119,863,695 | 121,762,000 | (1,898,305) | (1.6) | 175,448,237 | 175,805,000 | (356,763) | (0.2) |
| Corp Income Tax | 3,321,022 | 6,184,000 | (2,862,978) | (46.3) | 9,056,166 | 13,240,000 | (4,183,834) | (31.6) |
| Misc Taxes | 10,420,836 | 11,974,000 | (1,553,164) | (13.0) | 23,366,161 | 22,642,000 | 724,161 | 3.2 |
| Total Gross | $228,215,530 | $240,725,000 | ($12,509,470) | (5.2) | $407,419,882 | $414,028,000 | ($6,608,118) | (1.6) |
| REFUNDS | ||||||||
| Total Refunds | $30,394,714 | $29,667,000 | 727,714 | 2.5 | $59,835,949 | $58,309,000 | $1,526,949 | 2.6 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $69,114,075 | $78,023,000 | ($8,908,925) | (11.4) | $150,414,231 | $159,407,000 | ($8,992,769) | (5.6) |
| Ind Income Tax | 117,066,248 | 117,360,000 | (293,752) | (0.3) | 169,656,339 | 166,331,000 | 3,325,339 | 2.0 |
| Corp Income Tax | 1,258,557 | 3,737,000 | (2,478,443) | (66.3) | 4,187,636 | 7,407,000 | (3,219,364) | (43.5) |
| Misc Taxes | 10,381,936 | 11,937,000 | (1,555,064) | (13.0) | 23,325,729 | 22,573,000 | 752,729 | 3.3 |
| Total Net | $197,820,816 | $211,058,000 | ($13,237,184) | (6.3) | $347,583,934 | $355,719,000 | ($8,135,066) | (2.3) |