FOR IMMEDIATE RELEASE:
September 12, 2003

FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700

GENERAL FUND RECEIPTS — AUGUST 2003

LINCOLN — State Tax Commissioner Mary Jane Egr reported Friday that total gross General Fund receipts for the second month of fiscal year 2003-04 were $266,706,426. That is 0.2 percent below the revised projection of $267,324,000. For the month of August, Gross Individual Income, Corporate Income, and Miscellaneous taxes were short of revised projections by 0.3, 0.1, and 9.2 percent, respectively.

Total refunds for the month of August were $28,710,017, which is 12.8 percent below the projected amount of $32,935,000.

Egr said that net receipts were above revised projections for the month of August by $3,607,409. After refunds, total net receipts for the month were $237,996,409, or 1.5 percent above the projected amount of $234,389,000. For the month of August, net General Fund receipts for Sales and Use, Individual Income, and Corporate Income taxes were above the forecast by 0.6, 1.0, and 269.9 percent, respectively.

Egr also said that net receipts were behind revised projections for the first two months of the fiscal year by $4,501,152. After refunds, total net receipts for fiscal year 2003-04 through August are $408,792,848, which is below the projected total of $413,294,000 by 1.1 percent. For the year to date, net General Fund receipts for Sales and Use and Individual Income taxes were below the forecast by 2.8, and 3.4 percent, respectively.

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 25, 2003. This forecast was adjusted for legislation passed by the 2003 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 15, 2003.

APPROVED:
Mary Jane Egr
State Tax Commissioner

DEPARTMENT OF REVENUE

Research Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2003-2004

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 $170,796,439 $178,905,000 (8,108,561) (4.5) $170,796,439 $178,905,000 (8,108,561) (4.5)
August 237,996,409 234,389,000 3,607,409 1.5 408,792,848 413,294,000 (4,501,152) (1.1)

Comparison of Actual and Projected General Fund Receipts by Major Source for August 2003
and Cumulative Fiscal Year 2003-2004

AUGUST
ACTUAL		 AUGUST
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax $115,511,988 $115,026,000 $485,988 0.4 $234,851,358 $239,871,000 ($5,019,642) (2.1)
Ind Income Tax 139,820,070 140,188,000 (367,930) (0.3) 190,120,614 198,129,000 (8,008,386) (4.0)
Corp Income Tax 4,144,476 4,150,000 (5,524) (0.1) 10,334,577 9,878,000 456,577 4.6
Misc Taxes 7,229,892 7,960,000 (730,108) (9.2) 31,102,121 28,419,000 2,683,121 9.4
Total Gross $266,706,426 $267,324,000 ($617,574) (0.2) $466,408,669 $476,297,000 ($9,888,331) (2.1)
REFUNDS
Total Refunds $28,710,017 $32,935,000 ($4,224,983) (12.8) $57,615,822 $63,003,000 ($5,387,178) (8.6)
NET RECEIPTS
Sales & Use Tax $89,422,309 $88,914,000 $508,309 0.6 $186,225,500 $191,524,000 ($5,298,500) (2.8)
Ind Income Tax 137,882,393 136,557,000 1,325,393 1 183,122,559 189,584,000 (6,461,441) (3.4)
Corp Income Tax 3,728,112 1,008,000 2,720,112 269.9 8,644,692 3,854,000 4,790,692 124.3
Misc Taxes 6,963,594 7,909,000 (945,406) (12.0) 30,800,097 28,330,000 2,470,097 8.7
Total Net $237,996,409 $234,389,000 $3,607,409 1.5 $408,792,848 $413,294,000 ($4,501,152) (1.1)

*The projected amounts used in this comparison were set at the April 25, 2003 meeting of the Nebraska Economic Forecasting Advisory Board.

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