FOR IMMEDIATE RELEASE:
December 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 — November 2010
LINCOLN —November Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for November were $355 million, which is 4.5% above the certified forecast of $339 million.
| • Gross Sales and Use: | 0.5% above forecast |
| • Gross Individual Income: | 7.5% above forecast |
| • Gross Corporate Income: | 16.8% above forecast |
| • Gross Miscellaneous: | 0.6% below forecast |
November Tax Refunds: Tax refunds for November were $60 million, which is 12.7% above the certified forecast of $53 million.
November Net Receipts: Net receipts for November were $294 million, which is 3.0% above the certified forecast of $286 million.
| • Net Sales and Use: | 0.5% above forecast |
| • Net Individual Income: | 7.1% above forecast |
| • Net Corporate Income: | 72.9% below forecast |
| • Net Miscellaneous: | 0.6% below 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: | 0.1% above forecast |
| • Net Individual Income: | 2.0% above forecast |
| • Net Corporate Income: | 22.1% below forecast |
| • Net Miscellaneous: | 0.1% below forecast |
The comparisons in this report are based on the revised 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. The Board met on October 29, 2010 and revised the forecast for the current fiscal year downward by $58.2 million. Receipts in this report are compared to the forecast that was recertified on November 10, 2010.
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 |
$179,592,000 | 0 |
0.0 |
$179,591,989 |
$ 179,592,00 |
0 |
0.0 |
August |
321,595,200 |
321,595,000 |
0 |
0.0 |
501,187,189 |
501,187,000 |
0 |
0.0 |
| September | 340,792,100 | 340,792,000 | 0 | 0.0 | 841,979,289 | 841,979,000 | 0 | 0.0 |
| October | 191,162,664 | 191,163,000 | 0 | 0.0 | 1,033,141,952 | 1,033,142,000 | 0 | 0.0 |
| November | 294,317,381 | 285,861,000 | 8,456,381 | 3.0 | 1,327,459,333 | 1,319,003,000 | 8,456,333 | 0.6 |
Comparison of Actual and
Projected General Fund Receipts by Tax Type
for November 2010
and Cumulative
Fiscal Year 2010-2011*
| NOVEMBER ACTUAL |
NOVEMBER PROJECTED** |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED** |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$137,497,296 |
$136,827,000 |
$ 670,296 |
0.5 |
$ 728,538,967 |
$ 727,869,000 |
$ 669,967 |
0.1 |
Ind. Income Tax |
202,292,500 |
188,231,000 |
14,061,500 |
7.5 |
697,433,068 |
683,371,000 |
14,062,068 |
2.1 |
Corp. Income Tax |
4,158,925 |
3,562,000 |
596,925 |
16.8 |
67,242,227 |
66,645,000 |
597,227 |
0.9 |
Misc. Taxes |
10,599,362 |
10,663,000 |
-63,638 |
-0.6 |
83,619,614 |
83,684,000 |
-64,386 |
-0.1 |
Total Gross |
$354,548,083 | $339,282,000 | $15,266,083 | 4.5 | $1,576,833,876 | $1,561,568,000 | $15,265,876 | 1.0 |
REFUNDS |
||||||||
Total Refunds |
$60,230,702 | $53,421,000 | $6,809,702 | 12.7 | $249,374,543 | $242,564,000 | $6,810,543 | 2.8 |
NET RECEIPTS |
||||||||
Sales & Use Tax |
$102,310,610 |
$101,811,000 |
$ 499,610 |
0.5 |
$ 561,982,334 |
$ 561,483,000 |
$ 499,334 |
0.1 |
Ind. Income Tax |
192,906,507 |
180,043,000 |
12,863,507 |
7.1 |
664,954,569 |
652,092,000 |
12,862,569 |
2.0 |
Corp. Income Tax |
-11,498,838 |
-6,652,000 |
-4,846,838 |
-72.9 |
16,907,153 |
21,753,000 |
-4,845,847 |
-22.3 |
Misc. Taxes |
10,599,102 |
10,660,000 |
-60,898 |
-0.6 |
83,615,277 |
83,677,000 |
-61,723 |
-0.1 |
Total Net |
$294,317,381 |
$285,861,000 |
$ 8,456,381 |
3.0 |
$1,327,459,333 |
$1,319,003,000 |
$ 8,456,333 |
-1.7 |
*Totals may not add due to rounding.
**The projected amounts used in this comparison were set at the October 29, 2010 meeting of the Nebraska Economic Forecasting Advisory Board and recertified on November 10, 2010.
