FOR IMMEDIATE RELEASE:
June 9, 2009

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

GENERAL FUND RECEIPTS — May, 2009

LINCOLN — May Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for May were $352 million, which is 2.8% above the recertified forecast of $342 million.

• Gross Sales and Use:
   2.7% below forecast
• Gross Individual Income:
   1.3% below forecast
• Gross Corporate Income:
  32.2% above forecast
• Gross Miscellaneous:
111.8% above forecast

May Tax Refunds: Tax refunds for May were $56 million, which is 3.6% below the recertified forecast of $58 million.

May Net Receipts: Net receipts for May were $296 million, which is 4.1% above the recertified forecast of $284 million.

• Net Sales and Use:
    0.2% below forecast
• Net Individual Income:
    2.9% below forecast
• Net Corporate Income:
  54.9% above forecast
• Net Miscellaneous:
112.5% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for the first 11 months of fiscal year 2008-2009 were $3,039 million, which is 0.8% below the recertified forecast of $3,065 million.

• Net Sales and Use:
  0.5% below forecast
• Net Individual Income:
  2.7% below forecast
• Net Corporate Income:
  1.2% above forecast
• Net Miscellaneous:
10.1% above forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on April 23, 2009. This forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on May 7, 2009. By law, downward revisions to a certified forecast are recertified, so the comparisons made in this release are based on the May 7, 2009 recertified forecast. This recertified forecast replaces the forecast based on the board’s February 27, 2009 forecast.

Previous monthly press releases are found at http://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 2008-2009

 

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
$191,496,152 $191,496,152 (4) 0.0% $191,496,152 $191,496,156 (4) 0.0%
August
319,749,742 319,749,744 (2) 0.0 511,245,894 511,245,900 (6) 0.0
September
375,452,525 375,452,534 (9) 0.0 886,698,420 886,698,434 (14) 0.0
October
200,955,909 200,955,905 4 0.0 1,087,654,328 1,087,654,339 (10) 0.0
November
281,465,428 281,465,408 20 0.0 1,369,119,756 1,369,119,747 9 0.0
December
308,512,538 308,512,539 (1) 0.0 1,677,632,295 1,677,632,286 9 0.0
January
288,413,220 288,413,226 (6) 0.0 1,966,045,515 1,966,045,512 3 0.0
February
214,768,866 214,768,867 0 0.0 2,180,814,381 2,180,814,378 3 0.0
March
220,609,175 220,609,178 (3) 0.0 2,401,423,556 2,401,423,556 0 0.0
April
341,880,290 379,021,000 (37,140,710) (9.8) 2,743,303,846 2,780,444,000 (37,140,154) (1.3)
May
295,889,783 284,100,000 11,789,783 4.1 3,039,193,629 3,064,544,000 (25,350,371) (0.8)

Comparison of Actual and Projected General Fund Receipts by Tax Type
for May 2009 and Cumulative Fiscal Year 2008-2009

MAY
ACTUAL
MAY
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$131,873,726
$135,478,000
($3,604,274)
(2.7%)
$1,566,905,482
$1,574,747,000
($7,841,517)
(0.5%)
Ind. Income Tax
183,143,706
185,525,000
(2,381,294)
(1.3)
1,793,262,604
1,824,707,000
(31,444,396)
(1.7)
Corp. Income Tax
12,799,443
9,684,000
3,115,443
32.2
223,538,685
223,094,000
444,685
0.2
Misc. Taxes
23,877,989
11,275,000
12,602,989
111.8
207,609,941
188,585,000
19,024,941
10.1
Total Gross
$351,694,864
$341,962,000
$9,732,864
2.8%
$3,791,316,712
$3,811,134,000
($19,817,288)
(0.5%)
REFUNDS
Total Refunds
$55,805,081
$57,862,000
($2,056,919)
(3.6%)
$752,123,083
$746,590,000
$5,533,083
0.7%
NET RECEIPTS
Sales & Use Tax
$101,995,286
$102,157,000
($161,714)
(0.2%)
$1,211,918,389
$1,217,907,000
($5,988,611)
(0.5%)
Ind. Income Tax
158,440,993
163,232,000
(4,791,007)
(2.9)
1,446,141,147
1,486,735,000
(40,593,854)
(2.7)
Corp. Income Tax
11,582,859
7,480,000
4,102,859
54.9
173,668,411
171,539,000
2,129,411
1.2
Misc. Taxes
23,870,645
11,231,000
12,639,645
112.5
207,465,682
188,363,000
19,102,682
10.1
Total Net
$295,889,783
$284,100,000
$11,789,783
4.1
$3,039,193,629
$3,064,544,000
($25,350,371)

(0.8%)

*The projected amounts used in this comparison were set at the April 23, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and recertified on May 7, 2009. In the recertified forecast, previous months' forecasts were reset to actual values.

May 2009 Comparison Chart


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