FOR IMMEDIATE RELEASE:
November 8, 2002
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — OCTOBER 2002
LINCOLN — State Tax Commissioner Mary Jane Egr reported Friday that total gross General Fund receipts for the fourth month of fiscal year 2002-03 were $181,665,651. That is 2.7 percent above the revised projection of $176,925,000. For the month of October, Gross Individual Income and Corporate Income taxes were ahead of revised projections by 17.9 and 19.7 percent, respectively.
Total refunds for the month of October were $43,886,113, which is 39.0 percent above the projected amount of $31,567,000.
Egr said that net receipts were below revised projections for the month of October by $7,578,462. After refunds, total net receipts for the month were $137,779,538, or 5.2 percent below the projected amount of $145,385,000. For the month of October, net General Fund receipts for Individual Income and Corporate Income taxes were above the forecast by 14.9 and 7.2 percent, respectively.
Egr also said that net receipts were behind revised projections for the first four months of the fiscal year by $17,408,520. After refunds, total net receipts for fiscal year 2002-03 to date are $786,629,480, which is below the projected total of $804,038,000 by 2.2 percent. For the year to date, net General Fund receipts for Sales and Use, Corporate Income, and Miscellaneous taxes were below forecast by 0.3, 35.6, and 9.3 percent, respectively.
The comparisons are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on July 18, 2002. At this meeting, the board revised downward its forecast of General Fund revenue for fiscal year 2002-03. As required by law, the forecast was recertified, taking into account legislation passed in the second special session. The adjusted July board forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst. The Forecasting Board met again on October 25, 2002, and revised the forecast for fiscal year 2002-03 downward by another $37,526,000. By law, this revised forecast will be broken down into monthly estimates and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on November 15.
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 | $173,073,810 | $173,074,000 | (190) | (0.0) | $173,073,810 | $173,074,000 | (190) | (0.0) |
| August | 220,370,125 | 227,183,000 | (6,812,875) | (3.0) | 393,443,936 | 400,257,000 | (6,813,064) | (1.7) |
| September | 255,406,007 | 258,423,000 | (3,016,993) | (1.2) | 648,849,942 | 658,680,000 | (9,830,058) | (1.5) |
| October | 137,779,538 | 145,358,000 | (7,578,462) | (5.2) | 786,629,480 | 804,038,000 | (17,408,520) | (2.2) |
| OCTOBER ACTUAL |
OCTOBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $107,093,910 | $108,884,000 | ($1,790,091) | (1.6) | $424,568,622 | $425,736,000 | ($1,167,378) | (0.3) |
| Ind Income Tax | 59,171,719 | 50,170,000 | 9,001,719 | 17.9 | 371,247,505 | 363,715,000 | 7,532,505 | 2.1 |
| Corp Income Tax | 8,468,785 | 7,077,000 | 1,391,785 | 19.7 | 40,525,030 | 51,212,000 | (10,686,970) | (10.9) |
| Misc Taxes | 6,931,238 | 10,794,000 | (3,862,762) | (35.8) | 78,756,240 | 86,851,000 | ( 8,094,760) | (9.3) |
| Total Gross | $181,665,651 | $176,925,000 | $4,740,651 | 2.7 | $915,097,397 | $927,513,000 | ($12,415,603) | (1.3) |
| REFUNDS | ||||||||
| Total Refunds | $43,886,113 | $31,567,000 | $12,319,113 | 39.0 | $128,467,917 | $123,475,000 | $4,992,917 | 4.0 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $73,324,048 | $84,365,000 | ($11,040,952) | (13.1) | $324,896,680 | $325,861,000 | ($964,320) | (0.3) |
| Ind Income Tax | 55,773,782 | 48,562,000 | 7,211,782 | 14.9 | 358,128,308 | 352,744,000 | 5,384,308 | 1.5 |
| Corp Income Tax | 1,860,162 | 1,735,000 | 125,162 | 7.2 | 25,018,783 | 38,837,000 | (13,818,217) | (35.6) |
| Misc Taxes | 6,821,546 | 10,965,000 | (3,873,454) | (36.2) | 78,585,708 | 86,597,000 | (8,011,292) | (9.3) |
| Total Net | $137,779,538 | $145,358,000 | ($7,578,462) | (5.2) | $786,629,480 | $804,038,000 | ($17,408,520) | (2.2) |
*The projected amounts used in this comparison were set at the July 18, 2002 meeting of the Nebraska Economic Forecasting Advisory Board.