FOR IMMEDIATE RELEASE:
October 11, 2005
FOR INFORMATION CONTACT:
Mary J. Egr Edson, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — SEPTEMBER 2005
LINCOLN -- State Tax Commissioner Mary J. Egr Edson reported Tuesday that total gross General Fund receipts for the month of September were $355,050,003. That is 8.5 percent above the projected amount of $327,205,000. For the month of September, gross Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were ahead of projections by 4.3, 5.6, 38.9 and 4.9 percent, respectively.
Total refunds for the month of September were $30,485,914 which is 11.1 percent below the projected amount of $34,309,000.
Egr Edson also said that net receipts were above projections for the month of September by $31,669,089. After refunds, total net receipts for the month were $324,564,089, or 10.8 percent above the projected amount of $292,895,000. For the month of September, net Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above forecast by 8.1, 5.5, 46.5 and 5.2 percent, respectively.
Egr Edson also said that net receipts were ahead of projections for the first quarter of fiscal year 2005-06 by $85,748,335. After refunds, total net receipts for the fiscal year through September were $844,778,335, which is above the projected total of $759,030,000 by 11.3 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above the forecast by 2.4, 2.8, 49.7 and 92.0 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 28, 2005. This forecast was adjusted for legislation passed by the 2005 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, 2005.
APPROVED:
Mary J. Egr Edson
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $189,050,265 | $178,931,000 | 10,119,265 | 5.7 | $189,050,265 | $178,931,000 | 10,119,265 | 5.7 |
| August | 331,163,981 | 287,204,000 | 43,959,981 | 15.3 | 520,214,246 | 466,135,000 | 54,079,246 | 11.6 |
| September | 324,564,089 | 292,895,000 | 31,669,089 | 10.8 | 844,778,335 | 759,030,000 | 85,748,335 | 11.3 |
| SEPTEMBER ACTUAL |
SEPTEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $135,141,014 | $129,530,000 | $5,611,014 | 4.3 | $408,830,533 | $403,661,000 | $5,169,533 | 1.3 |
| Ind Income Tax | 147,167,902 | 139,411,000 | 7,756,902 | 5.6 | 370,437,858 | 360,084,000 | 10,353,858 | 2.9 |
| Corp Income Tax | 47,465,334 | 34,175,000 | 13,290,334 | 38.9 | 62,806,837 | 46,782,000 | 16,024,837 | 34.3 |
| Misc Taxes | 25,275,753 | 24,089,000 | 1,186,753 | 4.9 | 100,752,790 | 52,690,000 | 48,062,790 | 91.2 |
| Total Gross | $355,050,003 | $327,205,000 | $27,845,003 | 8.5 | $942,828,018 | $863,217,000 | $79,611,018 | 9.2 |
| REFUNDS |
||||||||
| Total Refunds | $30,485,914 | $34,309,000 | ($3,823,086) | (11.1) | $98,049,683 | $104,186,000 | ($6,136,317) | (5.9) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $107,559,229 | $99,510,000 | $8,049,229 | 8.1 | $323,801,329 | $316,332,000 | $7,469,329 | 2.4 |
| Ind Income Tax | 145,048,229 | 137,497,000 | 7,551,229 | 5.5 | 359,766,282 | 349,804,000 | 9,962,282 | 2.8 |
| Corp Income Tax | 46,721,929 | 31,893,000 | 14,828,929 | 46.5 | 60,669,501 | 40,537,000 | 20,132,501 | 49.7 |
| Misc Taxes | 25,234,703 | 23,996,000 | 1,238,703 | 5.2 | 100,541,223 | 52,359,000 | 48,182,223 | 92.0 |
| Total Net | $324,564,089 | $292,895,000 | $31,669,089 | 10.8 | $844,778,335 | $759,030,000 | $85,748,335 | 11.3 |
*The projected amounts used in this comparison were set at the April 28, 2005 meeting of the Nebraska Economic Forecasting Advisory Board.