FOR IMMEDIATE RELEASE:
September 11, 2007
FOR INFORMATION CONTACT:
Douglas A. Ewald, State Tax
Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — AUGUST 2007
LINCOLN -- State Tax Commissioner Douglas Ewald reported Tuesday that total gross General Fund receipts for the month of August were $352,557,354. That is 2.5 percent above the projected amount of $344,096,000. For the month of August, gross Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were ahead of forecast by 3.7, 1.1, 19.8 and 0.7 percent, respectively.
Total refunds for the month of August were $59,242,482 which is 61.6 percent above the projected amount of $36,659,000.
Ewald also said that net receipts were below projections for the month of August, the second month of fiscal year 2007-08, by $14,121,128. After refunds, total net receipts for the month were $293,314,872, or 4.6 percent below the projected amount of $307,436,000. For the month of August, net Individual Income, Corporate Income and Miscellaneous taxes were ahead of projections by 0.8, 26.4 and 1.1 percent, respectively.
Ewald also said that net receipts were behind projections for the first two months of fiscal year 2007-08 by $21,797,502. After refunds, total net receipts for the fiscal year through August were $497,965,498, which is below the projected total of $519,763,000 by 4.2 percent. For the fiscal year to date, net General Fund receipts for Corporate Income and Miscellaneous taxes were above the forecast by 18.5 and 0.5 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 26, 2007. This forecast was adjusted for legislation passed by the 2007 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on July 13, 2007.
APPROVED:
Douglas A. Ewald
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $204,650,626 | $212,327,000 | (7,676,373) | (3.6) | $204,650,626 | $ 212,327,000 | (7,676,373) | (3.6) |
| August | 293,314,872 | 307,436,000 | (14,121,127) | (4.6) | 497,965,498 | 519,763,000 | (21,797,501) | (4.2) |
| AUGUST ACTUAL |
AUGUST PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $141,190,702 | $136,118,000 | $5,072,702 | 3.7 | $289,854,709 | $284,984,000 | $4,870,709 | 1.7 |
| Ind Income Tax | 185,913,592 | 183,979,000 | 1,934,592 | 1.1 | 254,845,533 | 254,089,000 | 756,533 | 0.3 |
| Corp Income Tax | 8,081,872 | 6,746,000 | 1,335,872 | 19.8 | 19,896,552 | 17,081,000 | 2,815,552 | 16.5 |
| Misc Taxes | 17,371,189 | 17,252,000 | 119,189 | 0.7 | 33,384,651 | 33,350,000 | 34,651 | 0.1 |
| Total Gross | $352,557,354 | $344,096,000 | $8,461,354 | 2.5 | $597,981,445 | $589,504,000 | $8,477,445 | 1.4 |
| REFUNDS |
||||||||
| Total Refunds | $59,242,482 | $36,659,000 | $22,583,482 | 61.6 | $100,015,947 | $69,740,000 | $30,275,947 | 43.4 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $87,086,283 | $104,125,000 | ($17,038,717) | (16.4) | $202,237,627 | $225,491,000 | ($23,253,373) | (10.3) |
| Ind Income Tax | 182,483,322 | 181,094,000 | 1,389,322 | 0.8 | 246,550,775 | 247,743,000 | (1,192,225) | (0.5) |
| Corp Income Tax | 6,392,536 | 5,057,000 | 1,335,536 | 26.4 | 15,866,705 | 13,395,000 | 2,471,705 | 18.5 |
| Misc Taxes | 17,352,731 | 17,161,000 | 191,731 | 1.1 | 33,310,392 | 33,135,000 | 175,392 | 0.5 |
| Total Net | $293,314,872 | $307,436,000 | ($14,121,128) | (4.6) | $497,965,498 | $519,763,000 | ($21,797,502) | (4.2) |
*The projected amounts used in this comparison were set at the April 26, 2007 meeting of the Nebraska Economic Forecasting Advisory Board.