FOR IMMEDIATE RELEASE:
November 14, 2003

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

GENERAL FUND RECEIPTS — OCTOBER 2003

LINCOLN — State Tax Commissioner Mary Jane Egr reported Friday that total gross General Fund receipts for month of October 2003 were $201,135,866. That is 0.3 percent above the projection of $200,447,000. For the month of October, Gross Sales and Use, Corporate Income and Miscellaneous taxes were ahead of projections by 1.1, 63.0 and 48.3 percent, respectively.

Total refunds for the month of October were $39,935,064, which is 2.4 percent above the projected amount of $38,999,000.

Egr said that net receipts were below projections for the month of October by $246,198. After refunds, total net receipts for the month were $161,200,802, or 0.2 percent below the projected amount of $161,447,000. For the month, net General Fund receipts for Corporate Income and Miscellaneous taxes were above the forecast by 191.0 and 49.9 percent, respectively.

Egr also said that net receipts were behind projections for the first four months of the fiscal year by $21,449,613. After refunds, total net receipts for fiscal year 2003-04 to date are $826,386,387, which is below the projected total of $847,836,000 by 2.5 percent. For the year to date, net General Fund receipts for Sales and Use and Individual Income taxes were below forecast by 2.0, and 7.7 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. The Forecasting Board met again on October 31, 2003, and revised the forecast for fiscal year 2003-04 downward by $80,975,000. By law, this revised forecast will be certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on November 15, and will be used for future comparisons of General Fund receipts.

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)
October $161,200,802 $161,447,000 ($246,198) (0.2) $826,386,387 $847,836,000 ($21,449,613) (2.5)

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

OCTOBER
ACTUAL		 OCTOBER
PROJECTED*		 DIFFERENCE PERCENT
DIFFERENCE		 CUMULATIVE
ACTUAL		 CUMULATIVE
PROJECTED*		 CUMULATIVE
DIFFERENCE		 CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax $121,564,393 $120,222,000 $1,342,393 1.1 $473,864,382 $478,935,000 ($5,070,618) (1.1)
Ind Income Tax 56,343,472 65,360,000 (9,016,528) (13.8) 375,097,804 406,743,000 (31,645,196) (7.8)
Corp Income Tax 13,149,340 8,069,000 5,080,340 63 50,178,174 45,056,000 5,122,174 11.4
Misc Taxes 10,078,661 6,795,000 3,283,661 48.3 54,362,669 48,130,000 6,232,669 12.9
Total Gross $201,135,866 $200,447,000 $688,866 0.3 $953,503,030 $978,864,000 ($25,360,970) (2.6)
REFUNDS
Total Refunds $39,935,064 $38,999,000 $936,064 2.4 $127,116,643 $131,028,000 ($3,911,357) (3.0)
NET RECEIPTS
Sales & Use Tax $88,199,033 $89,603,000 ($1,403,967) (1.6) $367,804,516 $375,473,000 ($7,668,484) (2.0)
Ind Income Tax 54,140,873 62,105,000 (7,964,127) (12.8) 362,551,876 392,881,000 (30,329,124) (7.7)
Corp Income Tax 8,793,919 3,022,000 5,771,919 191 42,003,174 31,593,000 10,410,174 33
Misc Taxes 10,066,977 6,718,000 3,348,977 49.9 54,026,821 47,887,000 6,139,821 12.8
Total Net $161,200,802 $161,447,000 ($246,198) (0.2) $826,386,387 $847,836,000 ($21,449,613) (2.5)

*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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