FOR IMMEDIATE RELEASE:
November 8, 2004
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — OCTOBER 2004
LINCOLN -- State Tax Commissioner Mary Jane Egr reported Monday that total gross General Fund receipts for the month of October were $213,320,716. That is 2.7 percent above the projected amount of $207,666,000. For the month of October, Sales and Use and Miscellaneous taxes were ahead of projections by 2.8 and 42.9 percent, respectively.
Total refunds for the month of October were $28,145,226 which is 29.1 percent below the projected amount of $39,701,000.
Egr also said that net receipts were above projections for the month of October by $17,209,490. After refunds, total net receipts for the month were $185,175,490, or 10.2 percent above the projected amount of $167,966,000. For the month of October, net Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above forecast by 11.7, 2.3, 16.8 and 43.9 percent, respectively.
Egr also said that net receipts were ahead of projections for the first four months of fiscal year 2004-05 by $55,671,710. After refunds, total net receipts for the fiscal year through October were $930,007,710, which is above the projected total of $874,336,000 by 6.4 percent. For the year to date, net General Fund receipts for Sales and Use, Individual Income, Corporate Income and Miscellaneous taxes were above the forecast by 5.3, 5.1, 16.4 and 13.7 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 27, 2004. This forecast was adjusted for legislation passed by the 2004 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, 2004. The Nebraska Economic Forecasting Advisory Board met on October 29, 2004, and revised the fiscal year 2004-05 upward by $90,521,000, from $2,775,479,000 to $2,866,000,000. Because the forecast was revised upward, by statute, the comparisons contained in this release will continue to be made on the basis of the previously certified forecast.
APPROVED:
Mary Jane Egr
State Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $188,973,714 | $183,846,000 | 5,127,714 | 2.8 | $188,973,714 | $183,846,000 | 5,127,714 | 2.8 |
| August | 272,764,013 | 247,319,000 | 25,445,013 | 10.3 | 461,737,727 | 431,165,000 | 30,572,727 | 7.1 |
| September | 283,094,494 | 275,205,000 | 7,889,494 | 2.9 | 744,832,221 | 706,370,000 | 38,462,221 | 5.4 |
| October | 185,175,490 | 167,966,000 | 17,209,490 | 10.2 | 930,007,710 | 874,336,000 | 55,671,710 | 6.4 |
| OCTOBER ACTUAL |
OCTOBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $132,775,899 | $129,132,000 | $3,643,899 | 2.8 | $521,546,355 | $506,580,000 | $14,966,355 | 3 |
| Ind Income Tax | 59,044,499 | 59,077,000 | (32,501) | (0.1) | 401,088,021 | 386,035,000 | 15,053,021 | 3.9 |
| Corp Income Tax | 10,291,798 | 11,616,000 | (1,324,202) | (11.4) | 57,589,925 | 54,713,000 | 2,876,925 | 5.3 |
| Misc Taxes | 11,208,520 | 7,842,000 | 3,366,520 | 42.9 | 70,391,612 | 61,825,000 | 8,566,612 | 13.9 |
| Total Gross | $213,320,716 | $207,666,000 | $5,654,716 | 2.7 | $1,050,615,912 | $1,009,151,000 | $41,464,912 | 4.1 |
| REFUNDS |
||||||||
| Total Refunds | $28,145,226 | $39,701,000 | ($11,555,774) | (29.1) | $120,608,202 | $134,816,000 | ($14,207,798) | (10.5) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $107,946,885 | $96,626,000 | $11,320,885 | 11.7 | $416,827,734 | $395,937,000 | $20,890,734 | 5.3 |
| Ind Income Tax | 57,709,205 | 56,434,000 | 1,275,205 | 2.3 | 392,137,780 | 372,992,000 | 19,145,780 | 5.1 |
| Corp Income Tax | 8,311,714 | 7,118,000 | 1,193,714 | 16.8 | 51,021,633 | 43,843,000 | 7,178,633 | 16.4 |
| Misc Taxes | 11,207,685 | 7,787,000 | 3,420,685 | 43.9 | 70,020,563 | 61,562,000 | 8,458,563 | 13.7 |
| Total Net | $185,175,490 | $167,966,000 | $17,209,490 | 10.2 | $930,007,710 | $874,336,000 | $55,671,710 | 6.4 |
*The projected amounts used in this comparison were set at the February 27, 2004 meeting of the Nebraska Economic Forecasting Advisory Board.