FOR IMMEDIATE RELEASE:
December 10, 2003
FOR INFORMATION CONTACT:
Mary Jane Egr, State Tax Commissioner
402/471-5604
David Dearmont, Administrator
402/471-5700
GENERAL FUND RECEIPTS — NOVEMBER 2003
LINCOLN — State Tax Commissioner Mary Jane Egr reported Wednesday that total gross General Fund receipts for the month of November 2003 were $256,234,990. That is 2.8 percent above the revised projection of $249,249,000. For the month of November, gross Individual Income and Miscellaneous taxes were ahead of projections by 3.9 and 25.5 percent, respectively.
Total refunds for the month of November were $35,042,669, which is 4.5 percent below the revised projected amount of $36,707,000.
Egr said that net receipts were above revised projections for the month of November by $8,649,320. After refunds, total net receipts for the month were $221,192,320, or 4.1 percent above the projected amount of $212,543,000. For the month, net General Fund receipts for Individual Income, Corporate Income and Miscellaneous taxes were above the revised forecast by 4.8, 64.6, and 25.3 percent, respectively. After refunds, total net receipts for fiscal year 2003-04 to date are $1,047,578,707, which is above the November revised total of $1,038,928,000 by 0.8 percent. For the year to date, net General Fund receipts for Individual Income, Corporate Income, and Miscellaneous taxes were above forecast by 1.3, 7.4, and 3.3 percent, respectively.
The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 31, 2003. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the State Tax Commissioner and Legislative Fiscal Analyst on November 14, 2003. At the October 31 meeting of the Forecasting Board, the forecast for fiscal year 2003-04 was revised downward by $80,975,000. By law, this revised forecast will be used for future comparisons of General Fund receipts.
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 | $170,796,439 | $170,796,439 | 0 | 0 | $170,796,439 | $170,796,439 | 0 | 0 |
| August | 237,996,409 | 237,996,407 | 2 | 0 | 408,792,848 | 408,792,846 | 2 | 0 |
| September | 256,392,737 | 256,392,737 | (0) | (0.0) | 665,185,585 | 665,185,583 | 2 | 0 |
| October | 161,200,802 | 161,200,802 | 0 | 0 | 826,386,387 | 826,386,385 | 2 | 0 |
| November | 221,192,320 | 212,543,000 | 8,649,320 | 4.1 | 1,047,578,707 | 1,038,929,385 | 8,649,322 | 0.8 |
| NOVEMBER ACTUAL |
NOVEMBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS | ||||||||
| Sales & Use Tax | $103,082,677 | $103,156,000 | ($73,323) | (0.1) | $576,947,060 | $577,020,382 | ($73,322) | (0.0) |
| Ind Income Tax | 139,663,919 | 134,461,000 | 5,202,919 | 3.9 | 514,761,723 | 509,558,805 | 5,202,918 | 1 |
| Corp Income Tax | 3,131,632 | 3,381,000 | (249,368) | (7.4) | 53,309,806 | 53,559,174 | (249,368) | (0.5) |
| Misc Taxes | 10,356,762 | 8,252,000 | 2,104,762 | 25.5 | 64,719,431 | 62,614,669 | 2,104,762 | 3.4 |
| Total Gross | $256,234,990 | $249,249,000 | $6,985,990 | 2.8 | $1,209,738,020 | $1,202,752,029 | $6,985,991 | 0.6 |
| REFUNDS | ||||||||
| Total Refunds | $35,042,669 | $36,707,000 | ($1,664,331) | (4.5) | $162,159,312 | $163,823,642 | ($1,664,330) | (1.0) |
| NET RECEIPTS | ||||||||
| Sales & Use Tax | $75,996,603 | $78,522,000 | ($2,525,397) | (3.2) | $443,801,120 | $446,326,515 | ($2,525,395) | (0.6) |
| Ind Income Tax | 136,429,022 | 130,128,000 | 6,301,022 | 4.8 | 498,980,898 | 492,679,877 | 6,301,021 | 1.3 |
| Corp Income Tax | (1,534,803) | (4,330,000) | 2,795,197 | 64.6 | 40,468,371 | 37,673,173 | 2,795,198 | 7.4 |
| Misc Taxes | 10,301,498 | 8,222,000 | 2,079,498 | 25.3 | 64,328,319 | 62,248,820 | 2,079,499 | 3.3 |
| Total Net | $221,192,320 | $212,543,000 | $8,649,320 | 4.1 | $1,047,578,707 | $1,038,929,385 | $8,649,322 | 0.8 |
*The projected amounts used in this comparison were set at the October 31, 2003 meeting of the Nebraska Economic Forecasting Advisory Board.