FOR IMMEDIATE RELEASE:
September 11, 2002
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — AUGUST 2002
LINCOLN — State Tax Commissioner Mary Jane Egr reported Wednesday that total gross General Fund receipts for the second month of fiscal year 2002-03 were $253,126,765. That is 2.5 percent below the revised projection of $259,623,000. For the month of August, Gross Individual Income, Corporate Income, and Miscellaneous taxes were short of revised projections by 3.0, 45.0, and 5.1 percent, respectively.
Total refunds for the month of August were $32,756,639, which is 1.0 percent above the projected amount of $32,440,000.
Egr said that net receipts were below revised projections for the month of August by $6,812,875. After refunds, total net receipts for the month were $220,370,125, or 3.0 percent below the projected amount of $227,183,000. For the month of August, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes were below the forecast by 3.5, 144.6, and 5.0 percent, respectively.
Egr also said that net receipts were behind revised projections for the first two months of the fiscal year by $6,813,064. After refunds, total net receipts for fiscal year 2002-03 to date are $393,443,936, which is below the projected total of $400,257,000 by 1.7 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes were below the forecast by 2.5, 66.4, and 2.2 percent, respectively.
The comparisons are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on July 18, 2002. At this meeting, the board revised downward its forecast of General Fund revenue for fiscal year 2002-03. As required by law, the forecast was recertified, taking into account legislation passed in the second special session. The adjusted July board forecast was 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 | $173,073,810 | $173,074,000 | (190) | (0.0) | $173,073,810 | $173,074,000 | (190) | (0.0) |
| August | 220,370,125 | 227,183,000 | (6,812,875) | (3.0) | 393,443,936 | 400,257,000 | (6,813,064) | (1.7) |
| AUGUST ACTUAL |
AUGUST PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $103,690,346 | $102,613,000 | $1,077,346 | 1.0 | $212,029,100 | $210,952,000 | $1,077,100 | 0.5 |
| Ind Income Tax | 125,168,539 | 129,071,000 | (3,902,461) | (3.0) | 179,581,154 | 183,484,000 | (3,902,846) | (2.1) |
| Corp Income Tax | 3,102,420 | 5,637,000 | (2,534,580) | (45.0) | 9,210,043 | 11,745,000 | (2,534,957) | (21.6) |
| Misc Taxes | 21,165,460 | 22,302,000 | (1,136,540) | (5.1) | 50,267,686 | 51,404,000 | (1,136,314) | (2.2) |
| Total Gross | $253,126,765 | $259,623,000 | ($6,496,235) | (2.5) | $451,087,983 | $457,584,000 | ($6,496,017) | (1.4) |
| REFUNDS | ||||||||
| Total Refunds | $32,756,639 | $32,440,000 | $316,639 | 1.0 | $57,644,047 | $57,327,000 | $317,047 | 0.6 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $79,394,772 | $75,714,000 | $3,680,772 | 4.9 | $168,461,963 | $164,781,000 | $3,680,963 | 2.2 |
| Ind Income Tax | 121,369,421 | 125,750,000 | (4,380,579) | (3.5) | 172,249,551 | 176,630,000 | (4,380,449) | (2.5) |
| Corp Income Tax | (1,541,709) | 3,456,000 | (4,997,709) | (144.6) | 2,523,922 | 7,522,000 | (4,998,078) | (66.4) |
| Misc Taxes | 21,147,641 | 22,264,000 | (1,116,359) | (5.0) | 50,208,499 | 51,325,000 | (1,116,501) | (2.2) |
| Total Net | $220,370,125 | $227,183,000 | ($6,812,875) | (3.0) | $393,443,936 | $400,257,000 | ($6,813,064) | (1.7) |
*The projected amounts used in this comparison were set at the July 18, 2002 meeting of the Nebraska Economic Forecasting Advisory Board.