FOR IMMEDIATE RELEASE:
February 10, 2010

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

GENERAL FUND RECEIPTS — JANUARY, 2010

LINCOLN — January Gross Receipts: Tax Commissioner Doug Ewald reported Wednesday that gross General Fund receipts for January were $327 million, which is 0.9% below the recertified forecast of $330 million.

• Gross Sales and Use:     7.1% below forecast
• Gross Individual Income:     5.6% above forecast
• Gross Corporate Income:   34.7% above forecast
• Gross Miscellaneous:      3.4% below forecast

January Tax Refunds: Tax refunds for January were $47 million, which is 3.5% below the recertified forecast of $48 million.

January Net Receipts: Net receipts for January were $280 million, which is 0.4% below the recertified forecast of $282 million.

• Net Sales and Use:     8.1% below forecast
• Net Individual Income:     4.9% above forecast
• Net Corporate Income: 116.9% above forecast
• Net Miscellaneous:     3.3% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $1,860 million, which is 1.8% below the recertified forecast of $1,895 million.

• Net Sales and Use:   1.8% below forecast
• Net Individual Income:   1.4% below forecast
• Net Corporate Income:   2.6% below forecast
• Net Miscellaneous:   4.0% 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)
January 280,299,871 281,544,000 (1,244,129) (0.4) 1,860,176,441 1,894,535,000 (34,358,559) (1.8)

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

  JANUARY
ACTUAL
JANUARY
PROJECTED*
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED*
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$165,366,172
$177,990,000
($12,623,828)
(7.1%)
$1,003,653,138
$1,018,080,000
($14,426,862)
(1.4%)
Ind. Income Tax
135,228,500
128,065,000
7,163,500
5.6
943,973,890
949,760,000
(5,786,110)
(0.6)
Corp. Income Tax
11,851,373
8,799,000
3,052,373
34.7
106,434,333
103,941,000
2,493,333
2.4
Misc. Taxes
14,663,735
15,175,000
(511,265)
(3.4)
124,227,998
129,522,000
(5,294,002)
(4.1)
Total Gross
$327,109,780 $330,030,000
($2,920,220)
(0.9%)
$2,178,289,359
$2,201,307,000
($23,017,641)
(1.0%)
REFUNDS
Total Refunds
$46,809,909
$48,486,000
($1,676,091)
(3.5%)
$318,112,918
$306,769,000
$11,343,918
3.7%
NET RECEIPTS
Sales & Use Tax
$133,975,413
$145,714,000
($11,738,587)
(8.1%)
$781,511,849
$795,973,000
($14,461,151)
(1.8%)
Ind. Income Tax
121,845,697
116,149,000
5,696,697
4.9
886,596,089
899,453,000
(12,856,911)
(1.4)
Corp. Income Tax
9,818,764
4,526,000
5,292,764
116.9
67,849,413
69,652,000
(1,802,587)
(2.6)
Misc. Taxes
14,659,997
15,154,000
(494,003)
(3.3)
124,219,090
129,458,000
(5,238,910)
(4.0)
Total Net
$280,299,871
$281,544,000
($1,244,129)
(0.4%)
$1,860,176,441
$1,894,535,000
($34,358,559)

(1.8%)

*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.