FOR IMMEDIATE RELEASE:
January 8, 2010

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

GENERAL FUND RECEIPTS — DECEMBER, 2009

LINCOLN — December Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for December were $339 million, which is 6.4% below the recertified forecast of $363 million.

• Gross Sales and Use:  4.7% below forecast
• Gross Individual Income:  9.9% below forecast
• Gross Corporate Income:  0.4% below forecast
• Gross Miscellaneous:  3.7% below forecast

December Tax Refunds: Tax refunds for December were $51 million, which is 17.0% above the recertified forecast of $44 million.

December Net Receipts: Net receipts for December were $288 million, which is 9.6% below the recertified forecast of $319 million.

• Net Sales and Use:     6.0% below forecast
• Net Individual Income:   14.7% below forecast
• Net Corporate Income:     4.3% below forecast
• Net Miscellaneous:     3.7% 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:   0.4% below forecast
• Net Individual Income:   2.4% below forecast
• Net Corporate Income: 10.9% below forecast
• Net Miscellaneous:   4.2% 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.

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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 $197,807,000 0 0.0% $197,807,239 $197,807,000 0 0.0%
August
304,152,215 304,152,000 0 0.0 501,959,454 501,959,000 0 0.0
September
316,998,914 316,999,000 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)
December
288,185,977 318,957,000 (30,771,023) (9.6) 1,579,876,570 1,612,991,000 (33,114,430) (2.1)

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

  DECEMBER
ACTUAL
DECEMBER
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$138,773,665
$145,676,000
($6,902,335)
(4.7%)
$838,286,966
$ 840,090,000
($1,803,034)
(0.2%)
Ind. Income Tax
137,288,199
152,388,000
(15,099,801)
(9.9)
808,745,390
821,695,000
(12,949,610)
(1.6)
Corp. Income Tax
31,768,849
31,908,000
(139,151)
(0.4)
94,582,960
95,142,000
(559,040)
(0.6)
Misc. Taxes
31,336,460
32,544,000
(1,207,540)
(3.7)
109,564,263
114,347,000
(4,782,737)
(4.2)
Total Gross
$339,167,173 $362,517,000
($23,349,827)
(6.4%)
$1,851,179,579
$1,871,277,000
($20,097,421)
(1.1%)
REFUNDS
Total Refunds
$50,981,196
$43,559,000
$7,422,196
17.0%
$271,303,009
$258,283,000
$13,020,009
5.0%
NET RECEIPTS
Sales & Use Tax
$106,183,272
$112,932,000
($ 6,748,728)
(6.0%)
$647,536,436
$650,259,000
($2,722,564)
(0.4%)
Ind. Income Tax
126,335,229
148,075,000
(21,739,771)
(14.7)
764,750,392
783,304,000
(18,553,608)
(2.4)
Corp. Income Tax
24,331,030
25,426,000
(1,094,970)
(4.3)
58,030,648
65,126,000
(7,095,352)
(10.9)
Misc. Taxes
31,336,446
32,524,000
(1,187,554)
(3.7)
109,559,094
114,304,000
(4,744,906)
(4.2)
Total Net
$288,185,977
$318,957,000
($30,771,023)
(9.6%)
$1,579,876,570
$1,612,991,000
($33,114,430)

(2.1%)

*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.