FOR IMMEDIATE RELEASE:
December 15, 2009

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700

GENERAL FUND RECEIPTS — NOVEMBER, 2009

LINCOLN — November Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for November were $334 million, which is 1.0% above the recertified forecast of $331 million.

• Gross Sales and Use:  4.0% above forecast
• Gross Individual Income:  1.2% above forecast
• Gross Corporate Income:  9.1% below forecast
• Gross Miscellaneous: 25.2% below forecast

November Tax Refunds: Tax refunds for November were $56 million, which is 11.2% above the recertified forecast of $50 million.

November Net Receipts: Net receipts for November were $279 million, which is 0.8% below the recertified forecast of $281 million.

• Net Sales and Use:    4.1% above forecast
• Net Individual Income:    1.8% above forecast
• Net Corporate Income: 121.5% below forecast
• Net Miscellaneous:   25.1% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $1,292 million, which is 0.2% below the recertified forecast of $1,294 million.

• Net Sales and Use:  0.7% above forecast
• Net Individual Income:  0.5% above forecast
• Net Corporate Income: 15.1% below forecast
• Net Miscellaneous:  4.3% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on October 27, 2009. At this meeting, the Forecasting Board revised downward its forecast of General Fund revenue for FY2009-10 by $125.3 million. As required by law, the forecast was recertified, taking into account $37.4 million in cash fund transfers to the General Fund passed during the November special session of the Legislature. The adjusted Board forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on December 15, 2009. Receipts in this forecast are compared to the forecast recertified in December.

Previous monthly press releases are found at www.revenue.nebraska.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 2009-2010

 

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 $197,807,239 $197,807,000 0 0.0% $197,807,239 $197,807,000 0 0.0%
August 304,050,368 304,152,000 0 0.0 501,959,454 501,959,000 0 0.0
September 317,100,761 316,999,000 0 0.0 818,958,368 818,958,000 0 0.0
October 193,978,280 193,978,000 0 0.0 1,012,936,649 1,012,936,000 0 0.0
November 278,753,945 281,098,000 (2,344,055) (0.8) 1,291,690,594 1,294,034,000 (2,343,406) (0.2)

Comparison of Actual and Projected General Fund Receipts by Tax Type
for November 2009 and Cumulative Fiscal Year 2009-2010

NOVEMBER
ACTUAL
NOVEMBER
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$133,897,903
$128,799,000
$5,098,903
4.0%
$699,513,301
$694,414,000
$5,099,301
0.7%
Ind. Income Tax
185,697,035
183,547,000
2,150,035
1.2
671,457,191
669,307,000
2,150,191
0.3
Corp. Income Tax
4,212,509
4,633,000
(420,491)
(9.1)
62,814,111
63,234,000
(419,889)
(0.7)
Misc. Taxes
10,616,489
14,192,000
(3,575,511)
(25.2)
78,227,803
81,803,000
(3,575,197)
(4.4)
Total Gross
$334,423,937
$331,171,000
$3,252,937
1.0%
$1,512,012,406
$1,508,760,000
$3,252,406
0.2%
REFUNDS
Total Refunds
$55,669,992
$50,072,000
$5,597,992
11.2%
$220,321,813
$214,724,000
$5,597,813
2.6%
NET RECEIPTS
Sales & Use Tax
$101,114,626
$97,088,000
$4,026,626
4.1%
$541,353,164
$537,327,000
$4,026,164
0.7%
Ind. Income Tax
177,961,361
174,775,000
3,186,361
1.8
638,415,163
635,229,000
3,186,163
0.5
Corp. Income Tax
(10,938,290)
(4,938,000)
(6,000,290)
(121.5)
33,699,618
39,700,000
(6,000,382)
(15.1)
Misc. Taxes
10,616,249
14,173,000
(3,556,751)
(25.1)
78,222,648
81,780,000
(3,557,352)
(4.3)
Total Net
$278,753,945
$281,098,000
($2,344,055)
(0.8%)
$1,291,690,594
$1,294,034,000
($2,343,406)

(0.2%)

*The projected amounts used in this comparison were set at the October 27, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on December 15, 2009.

November 2009 Graph