FOR IMMEDIATE RELEASE:
November 13, 2007
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — OCTOBER 2007
LINCOLN -- State Tax Commissioner Douglas Ewald reported Tuesday that total gross General Fund receipts for the month of October were $237,791,217. That is 4.8 percent below the projected amount of $249,876,000. For the month of October, gross Individual Income, Corporate Income and Miscellaneous taxes were below forecast by 3.6, 24.2 and 51.2 percent, respectively.
Total refunds for the month of October were $34,958,738 which is 20.1 percent below the projected amount of $43,773,000.
Ewald also said that net receipts were below projections for the month of October, the fourth month of fiscal year 2007-08, by $3,270,521. After refunds, total net receipts for the month were $202,832,479, or 1.6 percent below the projected amount of $206,103,000. For the month of October, net Individual Income, Corporate Income and Miscellaneous taxes were below of projections by 5.8, 51.5, and 51.2 percent, respectively.
Ewald also said that net receipts were ahead of projections for the first four months of fiscal year 2007-08 by $7,042,230. After refunds, total net receipts for the fiscal year through October were $1,080,717,230, which is ahead the projected total of $1,073,675,000 by 0.7 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, Corporate Income and Miscellaneous taxes were below the forecast by 0.7, 4.2 and 6.1 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on April 26, 2007. This forecast was adjusted for legislation passed by the 2007 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, 2007. On October 26, the forecasting board met and revised the fiscal year 2007-08 forecast upward by $68.8 million dollars. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the April 2007 certified forecast.
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APPROVED:
Douglas A. Ewald
Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
| July | $204,650,626 | $212,327,000 | (7,676,373) | (3.6) | $204,650,626 | $ 212,327,000 | (7,676,373) | (3.6) |
| August | 293,314,872 | 307,436,000 | (14,121,127) | (4.6) | 497,965,498 | 519,763,000 | (21,797,501) | (4.2) |
| September | 379,919,253 | 347,809,000 | 32,110,253 | 9.2 | 877,884,751 | 867,572,000 | 10,312,751 | 1.2 |
| October | 202,832,479 | 206,103,000 | (3,270,521) | (1.6) | 1,080,717,230 | 1,073,675,000 | 7,042,230 | 0.7 |
| OCTOBER ACTUAL |
OCTOBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $142,706,568 | $140,375,000 | $2,331,568 | 1.7 | $576,644,020 | $562,969,000 | $13,675,020 | 2.4 |
| Ind Income Tax | 76,056,138 | 78,886,000 | (2,829,862) | (3.6) | 520,392,077 | 498,771,000 | 21,621,077 | 4.3 |
| Corp Income Tax | 11,498,605 | 15,179,000 | (3,680,395) | (24.2) | 79,113,966 | 81,010,000 | (1,896,034) | (2.3) |
| Misc Taxes | 7,529,906 | 15,436,000 | (7,906,094) | (51.2) | 72,563,287 | 77,347,000 | (4,783,713) | (6.2) |
| Total Gross | $237,791,217 | $249,876,000 | ($12,084,783) | (4.8) | $1,248,713,350 | $1,220,096,000 | $28,617,350 | 2.3 |
| REFUNDS |
||||||||
| Total Refunds | $34,958,738 | $43,773,000 | ($8,814,262) | (20.1) | $167,996,120 | $146,420,000 | $21,576,120 | 14.7 |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $119,749,346 | $105,183,000 | $14,566,346 | 13.8 | $437,058,314 | $440,076,000 | ($3,017,686) | (0.7) |
| Ind Income Tax | 70,288,247 | 74,639,000 | (4,350,753) | (5.8) | 503,596,906 | 485,891,000 | 17,705,906 | 3.6 |
| Corp Income Tax | 5,272,472 | 10,879,000 | (5,606,528) | (51.5) | 67,708,030 | 70,678,000 | (2,969,970) | (4.2) |
| Misc Taxes | 7,522,413 | 15,403,000 | (7,880,587) | (51.2) | 72,353,981 | 77,032,000 | (4,678,019) | (6.1) |
| Total Net | $202,832,479 | $206,103,000 | ($3,270,521) | (1.6) | $1,080,717,230 | $1,073,675,000 | $7,042,230 | 0.7 |
*The projected amounts used in this comparison were set at the April 26, 2007 meeting of the Nebraska Economic Forecasting Advisory Board.