FOR IMMEDIATE RELEASE:
October 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 — SEPTEMBER, 2009

LINCOLN — September Gross Receipts: Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for September were $358 million, which is 9.0% below the certified forecast of $393 million.

• Gross Sales and Use:  3.7% below forecast
• Gross Individual Income: 11.4% below forecast
• Gross Corporate Income: 17.5% below forecast
• Gross Miscellaneous: 10.2% below forecast

September Tax Refunds: Tax refunds for September were $41 million, which is 12.3% above the certified forecast of $36 million.

September Net Receipts: Net receipts for September were $317 million, which is 11.2% below the certified forecast of $357 million.

• Net Sales and Use:   7.6% below forecast
• Net Individual Income: 12.7% below forecast
• Net Corporate Income: 16.8% below forecast
• Net Miscellaneous: 10.2% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $819 million, which is 6.5% below the certified forecast of $876 million

• Net Sales and Use:  2.9% below forecast
• Net Individual Income:  8.4% below forecast
• Net Corporate Income: 10.0% below forecast
• Net Miscellaneous: 10.1% below forecast

The comparisons in this report are based on the 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 July 15, 2009.

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)

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

SEPTEMBER
ACTUAL
SEPTEMBER
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$138,422,053
$143,725,000
($5,302,947)
(3.7%)
$423,059,211
$435,105,000
($12,045,789)
(2.8%)
Ind. Income Tax
162,181,391
183,139,000
(20,957,609)
(11.4)
413,922,444
448,803,000
(34,880,556)
(7.8)
Corp. Income Tax
28,553,173
34,595,000
(6,041,827)
(17.5)
44,140,141
47,477,000
(3,336,859)
(7.0)
Misc. Taxes
28,573,107
31,831,000
(3,257,893)
(10.2)
57,131,865
63,605,000
(6,473,135)
(10.2)
Total Gross
$357,729,723
$393,290,000
($35,560,277)
(9.0%)
$938,253,662
$994,990,00
($56,736,338)
(5.7%)
REFUNDS
Total Refunds
$40,628,962
$36,172,000
4,456,962
12.3%
$119,295,294
$119,218,000
$77,294
(0.1%)
NET RECEIPTS
Sales & Use Tax
$105,200,167
$113,829,000
(8,628,833)
(7.6%)
$327,570,463
$337,290,000
($9,719,537)
(2.9%)
Ind. Income Tax
156,862,504
179,670,000
(22,807,496)
(12.7)
397,320,135
433,877,000
(36,556,865)
(8.4)
Corp. Income Tax
26,465,118
31,803,000
(5,337,882)
(16.8)
36,940,584
41,050,000
(4,109,416)
(10.0)
Misc. Taxes
28,572,972
31,816,000
(3,243,028)
(10.2)
57,127,185
63,556,000
(6,428,815)
(10.1)
Total Net
$317,100,761
$357,118,000
($40,017,239)
(11.2%)
$818,958,368
$875,772,000
($56,813,632)

(6.5%)

*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.

September, 2009 Graph