FOR IMMEDIATE RELEASE:
October 10, 2003

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

GENERAL FUND RECEIPTS — SEPTEMBER 2003

LINCOLN — State Tax Commissioner Mary Jane Egr reported Friday that total gross General Fund receipts for the first quarter of fiscal year 2003-04 were $752,367,164. That is 3.3 percent below the projected amount of $778,417,000. Total gross receipts for the month of September 2003, were $285,958,494, below the projection of $302,120,000 by 5.3 percent. For the month, gross Sales and Use, Individual Income and Miscellaneous taxes fell short of projections by 1.2, 10.2, and 1.5 percent, respectively.

Total refunds for the first quarter of the fiscal year are $87,181,579, which is 5.3 percent below the projected amount of $92,029,000.

Egr also said that net receipts were behind projections for the first quarter of the fiscal year by $21,203,415. After refunds, total net receipts for fiscal year 2003-04 to date are $665,185,585, below the projected total of $686,389,000 by 3.1 percent. For the year to date, net General Fund receipts for Sales and Use and Individual Income taxes were below the forecast by 2.2, and 6.8 percent, respectively.

Total net General Fund revenue for the month of September were $256,392,737, or 6.1 percent below the projected amount of $273,095,000. Net tax receipts for the month of September were below forecast for Sales and Use, Individual Income and Corporate Income taxes by 1.0, 11.3, and 0.6 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)
September $256,392,737 $273,095,000 ($16,702,263) (6.1) $665,185,585 $686,389,000 ($21,203,415) (3.1)

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

SEPTEMBER
ACTUAL		 SEPTEMBER
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax $117,448,631 $118,842,000 ($1,393,369) (1.2) $352,299,989 $358,713,000 ($6,413,011) (1.8)
Ind Income Tax 128,633,719 143,254,000 (14,620,281) (10.2) 318,754,333 341,383,000 (22,628,667) (6.6)
Corp Income Tax 26,694,257 27,109,000 (414,743) (1.5) 37,028,834 36,987,000 41,834 0.1
Misc Taxes 13,181,887 12,916,000 265,887 2.1 44,284,008 41,335,000 2,949,008 7.1
Total Gross $285,958,494 $302,120,000 ($16,161,506) (5.3) $752,367,164 $778,417,000 ($26,049,836) (3.3)
REFUNDS
Total Refunds $29,565,757 $29,026,000 $539,757 1.9 $87,181,579 $92,029,000 ($4,847,421) (5.3)
NET RECEIPTS
Sales & Use Tax $93,379,984 $94,346,000 ($966,016) (1.0) $279,605,484 $285,870,000 ($6,264,516) (2.2)
Ind Income Tax 125,288,443 141,192,000 (15,903,557) (11.3) 308,411,002 330,776,000 (22,364,998) (6.8)
Corp Income Tax 24,564,563 24,717,000 (152,437) (0.6) 33,209,255 28,571,000 4,638,255 16.2
Misc Taxes 13,159,747 12,839,000 320,747 2.5 43,959,843 41,169,000 2,790,843 6.8
Total Net $256,392,737 $273,095,000 ($16,702,263) (6.1) $665,185,585 $686,389,000 ($21,203,415) (3.1)

*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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