FOR IMMEDIATE RELEASE:
September 12, 2011
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700
GENERAL FUND RECEIPTS — AUGUST 2011
LINCOLN — August Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for August were $377 million, which is 1.1% above the certified forecast of $373 million.
| • Gross Sales and Use: | 1.7% below forecast |
| • Gross Individual Income: | 3.4% above forecast |
| • Gross Corporate Income: | 16.0% above forecast |
| • Gross Miscellaneous: | 7.2% below forecast |
August Tax Refunds: Tax refunds for August were $49 million, which is 11.6% above the certified forecast of $44 million.
August Net Receipts: Net receipts for August were $328 million, which is 0.3% below the certified forecast of $329 million.
| • Net Sales and Use: | 7.6% below forecast |
| • Net Individual Income: | 2.6% above forecast |
| • Net Corporate Income: | 283.2% above forecast |
| • Net Miscellaneous: | 7.2% below forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2011-2012 were $529 million, which is 2.2% below the certified forecast of $540 million.
| • Net Sales and Use: | 4.1% below forecast |
| • Net Individual Income: | 3.0% below forecast |
| • Net Corporate Income: | 161.6% above forecast |
| • Net Miscellaneous: | 6.3% below forecast |
The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2011. This forecast was adjusted for legislation passed in 2011, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 12, 2011.
Previous monthly press releases are at www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
DEPARTMENT OF REVENUE
Policy
Division
Comparison of Actual and Projected General Fund Receipts for Fiscal
Year 2011-2012*
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$200,410,336 |
$211,449,000 | -$11,038,665 |
-5.2 |
$200,410,336 |
$211,449,000 |
-$11,038,665 |
-5.2 |
August |
328,095,462 |
328,955,000 |
-859,538 |
-0.3 |
528,505,797 |
540,404,000 |
-11,898,203 |
-2.2 |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for August 2011
and Cumulative
Fiscal Year 2011-2012*
| AUGUST ACTUAL |
AUGUST PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$150,356,802 |
$152,932,000 |
-$2,575,198 |
-1.7 |
$309,331,409 |
$312,401,000 |
-$3,069,591 |
-1.0 |
Ind. Income Tax |
208,876,719 |
202,106,000 |
6,770,719 |
3.4 |
275,501,735 |
275,736,000 |
-234,265 |
-0.1 |
Corp. Income Tax |
6,429,436 |
5,545,000 |
884,436 |
16.0 |
15,776,591 |
12,746,000 |
3,030,591 |
23.8 |
Misc. Taxes |
11,125,626 |
11,992,000 |
-866,374 |
-7.2 |
25,602,169 |
27,354,000 |
-1,751,831 |
-6.4 |
Total Gross |
$376,788,584 | $372,576,000 | $4,212,584 | 1.1 | $626,211,905 | $628,237,000 | -$2,025,095 | -0.3 |
REFUNDS |
||||||||
Total Refunds |
$48,693,122 | $43,621,000 | $5,072,122 | 11.6 | $97,706,107 | $87,833,000 | $9,873,107 | 11.2 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$108,881,341 |
$117,892,000 |
-$9,010,659 |
-7.6 |
$233,983,563 |
$244,068,000 |
-$10,084,437 |
-4.1 |
Ind. Income Tax |
202,932,692 |
197,732,000 |
5,200,692 |
2.6 |
256,093,489 |
264,102,000 |
-8,008,511 |
-3.0 |
Corp. Income Tax |
5,158,058 |
1,346,000 |
3,812,058 |
283.2 |
12,829,468 |
4,904,000 |
7,925,468 |
161.6 |
Misc. Taxes |
11,123,371 |
11,984,000 |
-860,629 |
-7.2 |
25,599,277 |
27,329,000 |
-1,729,723 |
-6.3 |
Total Net |
$328,095,462 |
$328,955,000 |
-$ 859,538 |
-0.3 |
$528,505,797 |
$540,404,000 |
-$11,898,203 |
-2.2 |
*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the April 28, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 12, 2011.
