FOR IMMEDIATE RELEASE:
November 10, 2009

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

GENERAL FUND RECEIPTS — OCTOBER 2009

LINCOLN — October Gross Receipts: Tax Commissioner Doug Ewald reported Tuesday that gross General Fund receipts for October were $239 million, which is 0.9% below the certified forecast of $241 million.

• Gross Sales and Use:  2.4% below forecast
• Gross Individual Income:  4.0% below forecast
• Gross Corporate Income: 22.2% above forecast
• Gross Miscellaneous: 21.0% above forecast

October Tax Refunds: Tax refunds for October were $45 million, which is 3.2% above the certified forecast of $44 million.

October Net Receipts: Net receipts for October were $194 million, which is 1.8% below the certified forecast of $198 million.

• Net Sales and Use:  0.2% above forecast
• Net Individual Income:  8.7% below forecast
• Net Corporate Income:  5.2% above forecast
• Net Miscellaneous: 21.2% above forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $1,013 million, which is 5.6% below the certified forecast of $1,073 million.

• Net Sales and Use:  2.1% below forecast
• Net Individual Income:  8.5% below forecast
• Net Corporate Income:  7.7% below forecast
• Net Miscellaneous:  6.4% below forecas

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board (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 July 15, 2009. Receipts in this forecast are compared to the forecast certified in July. The Board then met on October 27, 2009 and revised the forecast for the current fiscal year downward by $125.3 million. November receipts will be compared to the revised forecast.

Previous monthly press releases are found at www.revenue.nebraska.gov/research/gen_fund.html.

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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 $199,740,000 (1,932,761) (1.0%) $197,807,239 $199,740,000 (1,932,761) (1.0%)
August 304,050,368 318,914,000 (14,863,632) (4.7) 501,857,607 518,654,000 (16,796,393) (3.2)
September 317,100,761 357,118,000 (40,017,239) (11.2) 818,958,368 875,772,000 (56,813,632) (6.5)
October 193,978,280 197,506,000 (3,527,720) (1.8) 1,012,936,649 1,073,278,000 (60,341,35) (5.6)

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

OCTOBER
ACTUAL
OCTOBER
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$142,556,187
$146,114,000
($3,557,813)
(2.4%)
$565,615,398
$581,219,000
($15,603,602)
(2.7%)
Ind. Income Tax
71,837,711
74,830,000
(2,992,2899)
(4.0)
485,760,156
523,633,000
(37,872,844)
(7.2)
Corp. Income Tax
14,461,461
11,837,000
2,624,461
22.2
58,601,602
59,314,000
(712,398)
(1.2)
Misc. Taxes
10,479,449
8,661,000
1,818,449
21.0
67,611,314
72,266,000
(4,654,686)
(6.4)
Total Gross
$239,334,808
$241,442,000
($2,107,192)
(0.9%)
$1,177,588,470
$1,236,432,000
($58,843,530)
(4.8%)
REFUNDS
Total Refunds
$45,356,527
$43,935,000
$1,421,527
3.2%
$164,651,821
$163,153,000
$1,498,821
(0.9%)
NET RECEIPTS
Sales & Use Tax
$112,668,075
$112,424,000
$244,075
0.2%
$440,238,538
$449,714,000
($9,475,462)
(2.1%)
Ind. Income Tax
63,133,667
69,114,000
(5,980,333)
(8.7)
460,453,802
502,991,000
(42,537,198)
(8.5)
Corp. Income Tax
7,697,324
7,316,000
381,324
5.2
44,637,909
48,366,000
(3,728,091)
(7.7)
Misc. Taxes
10,479,214
8,652,000
1,827,214
21.1
67,606,399
72,208,000
(4,601,601)
(6.4)
Total Net
$193,978,280
$197,506,000
($3,527,720)
(1.8%)
$1,012,936,649
$1,073,278,000
($60,341,352)

(5.6%)

*The projected amounts used in this comparison were set at the April 23, 2009 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on July 15, 2009.

October 2009 Graphs