FOR IMMEDIATE RELEASE:
November 10, 2010
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Chief Economist
(402) 471-5700
GENERAL FUND RECEIPTS — October 2010
LINCOLN — October Gross Receipts: Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for October were $243 million, which is 1.0% below the certified forecast of $246 million.
| • Gross Sales and Use: | 0.2% above forecast |
| • Gross Individual Income: | 8.1% below forecast |
| • Gross Corporate Income: | 2.8% above forecast |
| • Gross Miscellaneous: | 33.2% above forecast |
October Tax Refunds: Tax refunds for October were $52 million, which is 12.6% above the certified forecast of $46 million.
October Net Receipts: Net receipts for October were $191 million, which is 4.2% below the certified forecast of $200 million.
| • Net Sales and Use: | 2.9% below forecast |
| • Net Individual Income: | 10.0% below forecast |
| • Net Corporate Income: | 16.2% below forecast |
| • Net Miscellaneous: | 33.2% above forecast |
Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $842 million, which is 1.1% below the certified forecast of $852 million.
| • Net Sales and Use: | 0.6% below forecast |
| • Net Individual Income: | 1.4% below forecast |
| • Net Corporate Income: | 34.1% below forecast |
| • Net Miscellaneous: | 8.9% above forecast |
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. This forecast was adjusted for legislation passed in 2010, divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2010. Receipts in this forecast are compared to the forecast certified in July. The Board then met on October 29, 2010 and revised the forecast for the current fiscal year downward by $58.2 million. This forecast will be certified later this month, and November receipts will be compared to the recertified forecast.
Previous monthly press releases are at www.revenue.ne.gov/research/gen_fund.html.
##
APPROVED:
Douglas A. Ewald
Tax Commissioner
DEPARTMENT OF REVENUE
Policy
Division
Comparison of Actual and Projected General Fund Receipts for Fiscal
Year 2010-2011*
TOTAL |
TOTAL PROJECTED NET RECEIPTS** |
DIFFERENCE | PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$179,591,989 |
$198,645,000 |
-19,053,011 |
-9.6 |
$179,591,989 |
$198,645,000 |
-19,053,011 |
-9.6 |
August |
321,595,200 |
313,026,000 |
8,569,200 |
2.7 |
501,187,189 |
511,671,000 |
-10,483,811 |
-2.0 |
| September | 340,792,100 | 339,933,000 | 859,100 | 0.3 | 841,979,289 | 851,604,000 | -9,624,711 | -1.1 |
| October | 191,162,664 | 199,526,000 | -8,363,336 | -4.2 | 1,033,141,952 | 1,051,130,000 | -17,988,048 | -1.7 |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for October 2010
and Cumulative
Fiscal Year 2010-2011*
| OCTOBER ACTUAL |
OCTOBER PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$149,204,927 |
$148,877,000 |
$327,927 |
0.2 |
$591,041,671 |
$595,091,000 |
-$4,049,329 |
-0.7 |
Ind. Income Tax |
68,693,155 |
74,735,000 |
-6,041,845 |
-8.1 |
495,140,569 |
503,279,000 |
-8,138,431 |
-1.6 |
Corp. Income Tax |
14,170,125 |
13,782,000 |
388,125 |
2.8 |
63,083,302 |
60,677,000 |
2,406,302 |
4.0 |
Misc. Taxes |
11,293,792 |
8,479,000 |
2,814,792 |
33.2 |
73,020,252 |
67,096,000 |
5,924,252 |
8.8 |
Total Gross |
$243,361,998 | $245,873,000 | -$2,511,002 | -1.0 | $1,222,285,793 | $1,226,145,000 | -$3,859,207 | -0.3 |
REFUNDS |
||||||||
Total Refunds |
$52,199,335 | $46,347,000 | $5,852,335 | 12.6 | $189,143,841 | $175,014,000 | $14,129,841 | 8.1 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$113,435,844 |
$116,778,000 |
-$3,342,156 |
-2.9 |
$459,671,724 |
$462,282,000 |
-$ 2,610,276 |
-0.6 |
Ind. Income Tax |
60,493,881 |
67,183,000 |
-6,689,119 |
-10.0 |
472,048,062 |
478,673,000 |
-6,624,938 |
-1.4 |
Corp. Income Tax |
5,939,396 |
7,089,000 |
-1,149,604 |
-16.2 |
28,405,991 |
43,104,000 |
-14,698,009 |
-34.1 |
Misc. Taxes |
11,293,543 |
8,476,000 |
2,817,543 |
33.2 |
73,016,175 |
67,071,000 |
5,945,175 |
8.9 |
Total Net |
$191,162,664 |
$199,526,000 |
-$8,363,336 |
-4.2 |
$1,033,141,952 |
$1,051,130,000 |
-$17,988,048 |
-1.7 |
*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the February 26, 2010 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 15, 2010.
