FOR IMMEDIATE RELEASE:
November 9, 2000
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Research Administrator
402/471-5700
GENERAL FUND RECEIPTS — OCTOBER 2000
LINCOLN - State Tax Commissioner Mary Jane Egr reported Thursday that total gross General Fund receipts for the first four months of fiscal year 2000-01 were $859,395,668. That is 0.1 percent above the projected amount of $858,317,000. Total gross receipts for the month of October 2000, were $177,295,620, below the projection of $180,805,000 by 1.9 percent. For the fiscal year to date, gross Individual Income and Miscellaneous taxes were ahead of projections by 2.3, and 2.9 percent, respectively.
Total refunds for the fiscal year to date are $122,143,159, which is 3.6 percent above the projected amount of $117,859,000.
Egr also said that net receipts were behind projections for the first four months of the fiscal year by $3,203,490. After refunds, total net receipts for fiscal year 2000-01 to date are $737,252,510, below the projected total of $740,456,000 by 0.4 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes were ahead of the forecast by 3.9, 1.9, and 3.2 percent, respectively.
Total net general fund revenue for the month of October was $142,376,893, or 4.7 percent below the projected amount of $149,347,000. Net tax receipts for the month of October were ahead of the forecast for Individual Income tax by 2.9 percent.
As required by law, the comparisons are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2000. This forecast was adjusted for legislation passed by the 2000 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst.
APPROVED:
Mary Jane Egr
State Tax Commissioner
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 | $149,763,118 | $144,661,000 | $5,102,118 | 3.5 | $149,763,118 | $144,661,000 | $5,102,118 | 3.5 |
|---|---|---|---|---|---|---|---|---|
| August | 197,820,816 | 211,058,000 | (13,237,184) | (6.3) | 347,583,934 | 355,719,000 | (8,135,066) | (2.3) |
| September | 247,291,683 | 235,390,000 | 11,901,683 | 5.1 | 594,875,617 | 591,109,000 | 3,766,617 | 0.6 |
| October | 142,376,893 | 149,347,000 | (6,970,107) | (4.7) | 737,252,510 | 740,456,000 | (3,203,490) | (0.4) |
| OCTOBER ACTUAL |
OCTOBER PROJECTED* |
DIFFERENCE |
PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $102,207,535 | $103,973,000 | ($1,765,465) | (1.7) | $401,385,883 | $409,700,000 | ($8,314,117) | (2.0) |
| Ind Income Tax | 56,362,102 | 56,661,000 | (298,898) | (0.5) | 354,176,548 | 346,247,000 | 7,929,548 | 2.3 |
| Corp Income Tax | 7,670,461 | 8,607,000 | (936,539) | (10.9) | 52,260,154 | 52,268,000 | (7,846) | (0.0) |
| Misc Taxes | 11,055,521 | 11,563,000 | (507,479) | (4.4) | 51,573,084 | 50,100,000 | 1,473,084 | 2.9 |
| Total Gross | $177,295,620 | $180,805,000 | ($3,509,380) | (1.9) | $859,395,668 | $858,317,000 | $1,078,668 | 0.1 |
| REFUNDS | ||||||||
| Total Refunds | $34,918,727 | $31,457,000 | 3,461,727 | 11.0 | $122,143,159 | $117,859,000 | $4,284,159 | 3.6 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $74,249,671 | $80,432,000 | ($6,182,329) | (7.7) | $300,979,880 | $319,377,000 | ($18,397,120) | (5.8) |
| Ind Income Tax | 55,285,259 | 53,742,000 | 1,543,259 | 2.9 | 344,814,867 | 331,956,000 | 12,858,867 | 3.9 |
| Corp Income Tax | 1,870,752 | 3,694,000 | (1,823,248) | (49.4) | 40,044,050 | 39,298,000 | 746,050 | 1.9 |
| Misc Taxes | 10,971,211 | 11,479,000 | (507,789) | (4.4) | 51,413,713 | 49,824,000 | 1,589,713 | 3.2 |
| Total Net | $142,376,893 | $149,347,000 | ($6,970,107) | (4.7) | $737,252,510 | $740,456,000 | ($3,203,490) | (0.4) |