FOR IMMEDIATE RELEASE:
May 7, 2009

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

GENERAL FUND RECEIPTS — APRIL, 2009

LINCOLN — April Gross Receipts: Tax Commissioner Doug Ewald reported Thursday that gross General Fund receipts for April were $456 million, which is 6.1% below the April recertified forecast of $485 million.

• Gross Sales and Use:
  2.9% below forecast
• Gross Individual Income:
10.0% below forecast
• Gross Corporate Income:
11.3% above forecast
• Gross Miscellaneous:
25.1% above forecast

April Tax Refunds:Tax refunds for April were $114 million, which is 7.2% above the recertified forecast of $106 million.

April Net Receipts: Net receipts for April were $342 million, which is 9.8% below the recertified forecast of $379 million.

• Net Sales and Use:
  5.1% below forecast
• Net Individual Income:
16.3% above forecast
• Net Corporate Income:
  9.5% below forecast
• Net Miscellaneous:
25.3% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for the first ten months of fiscal year 2008-2009 were $2,743 million, which is 1.3% below the recertified forecast of $2,780 million.

• Net Sales and Use:
 0.5% below forecast
• Net Individual Income:
 2.7% above forecast
• Net Corporate Income:
 1.2% below forecast
• Net Miscellaneous:
 3.6% 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.

The April 2009 forecast reduced the February 2009 forecast by $71 million. The April recertification reduced the forecast for April net receipts by $43 million. Actual April net receipts were an additional $37 million below the April recertified amount.

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
$191,496,1526 $191,496,152 0 0.0% $191,496,152 $191,496,152 0 0.0%
August
319,749,742 319,749,742 0 0.0 511,245,894 511,245,894 0 0.0
September
375,452,525 375,452,525 0 0.0 886,698,420 886,698,419 0 0.0
October
200,955,909 200,955,909 0 0.0 1,087,654,328 1,087,654,328 0 0.0
November
281,465,428 281,465,428 0 0.0 1,369,119,756 1,369,119,756 0 0.0
December
308,512,538 308,512,538 0 0.0 1,677,632,295 1,677,632,294 0 0.0
January
288,413,220 288,413,220 0 0.0 1,966,045,515 1,966,045,514 0 0.0
February
214,768,866 214,768,866 0 0.0 2,180,814,381 2,180,814,381 0 0.0
March
220,609,175 220,609,175 0 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)

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

  APRIL
ACTUAL
APRIL
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$140,500,797
$144,738,000
($4,237,2031)
(2.9%)
$1,435,031,756
$1,439,269,000
($4,237,244)
(0.3%)
Ind. Income Tax
262,200,337
291,264,000
(29,063,663)
(10.0)
1,610,118,898
1,639,182,000
(29,063,101)
(1.8)
Corp. Income Tax
20,902,592
23,574,000
(2,671,408)
(11.3)
210,739,242
213,410,000
(2,670,758)
(1.3)
Misc. Taxes
31,983,806
25,562,000
6,421,806
25.1
183,731,952
177,310,000
6,421,952
3.6
Total Gross
$455,587,532
$485,138,000
($29,550,468)
(6.1%)
$3,439,621,848
$3,469,172,000
($29,550,152)
(0.9%)
REFUNDS
Total Refunds
$113,707,242
$106,117,000
$7,590,242
7.2%
$696,318,002
$688,728,000
$7,590,002
1.1%
NET RECEIPTS
Sales & Use Tax
$107,623,684
$113,451,000
($5,827,316)
(5.1%)
$1,109,923,104
$1,115,750,000
($5,826,896)
(0.5%)
Ind. Income Tax
183,552,103
219,355,000
(35,802,897)
(16.3)
1,287,700,154
1,323,503,000
(35,802,846)
(2.7)
Corp. Income Tax
18,732,102
20,706,000
(1,973,898)
(9.5)
162,085,552
164,059,000
(1,973,448)
(1.2)
Misc. Taxes
31,972,401
25,509,000
6,463,401
25.3
183,595,037
177,132,000
6,463,036
3.6
Total Net
$341,880,290
$379,021,000
($37,140,710)
(9.8%)
$2,743,303,846
$2,780,444,000
($37,140,154)

(1.3%)

*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.

April, 2009 Comparison


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