FOR IMMEDIATE RELEASE:
March 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 — FEBRUARY, 2010

LINCOLN —February Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for February were $348 million, which is 3.0% below the recertified forecast of $359 million.

• Gross Sales and Use:     6.9% below forecast
• Gross Individual Income:     0.6% below forecast
• Gross Corporate Income:     6.9% below forecast
• Gross Miscellaneous:      1.4% below forecast

February Tax Refunds: Tax refunds for February were $147 million, which is 4.0% below the recertified forecast of $153 million.

February Net Receipts: Net receipts for February were $201 million, which is 2.2% below the recertified forecast of $206 million.

• Net Sales and Use:     5.1% below forecast
• Net Individual Income:     1.7% below forecast
• Net Corporate Income:   37.3% above forecast
• Net Miscellaneous:     1.0% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $2,061 million, which is 0.2% below the recertified forecast of $2,066 million.

• Net Sales and Use:   0.5% below forecast
• Net Individual Income:   0.2% below forecast
• Net Corporate Income:   2.4% above forecast
• Net Miscellaneous:   0.1% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 26, 2010. At this meeting, the Forecasting Board revised downward its October 2009 forecast of General Fund revenue for FY2009-10 by $40.3 million. As required by law, the forecast was recertified. The Board's forecast was divided into monthly estimates and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on March 8, 2010. Receipts in this forecast are compared to the March recertified forecast. For the month of February, this new forecast is $10.9 million lower than the previous 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
$ 197,807,239
0
0.0
$ 197,807,239
$ 197,807,239
0
0.0
August
304,152,215
304,152,215
0
0.0
501,959,454
501,959,454
0
0.0
September
316,998,914
316,998,914
0
0.0
818,958,368
818,958,368
0
0.0
October
193,978,280
193,978,280
0
0.0
1,012,936,649
1,012,936,649
0
0.0
November
278,753,945
278,753,945
0
0.0
1,291,690,594
1,291,690,594
0
0.0
December
288,185,977
288,185,977
0
0.0
1,579,876,570
1,579,876,570
0
0.0
January
280,299,871
280,299,871
0
0.0
1,860,176,441
1,860,176,441
0
0.0
February
201,042,477
205,644,000
-4,601,523
-2.2
2,061,218,918
2,065,820,441
-4,601,523
-0.2

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

  FEBRUARY
ACTUAL
FEBRUARY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$ 118,141,366
$ 126,874,000
-$ 8,732,634
-6.9
$ 1,121,794,505
$ 1,130,527,138
-$ 8,732,634
-0.8
Ind. Income Tax
207,069,949
208,266,000
-1,196,051
-0.6
1,151,043,839
1,152,239,890
-1,196,051
-0.1
Corp. Income Tax
7,833,459
8,417,000
-583,541
-6.9
114,267,792
114,851,333
-583,541
-0.5
Misc. Taxes
15,128,280
15,337,000
-208,720
-1.4
139,356,278
139,564,998
-208,720
-0.1
Total Gross
$ 348,173,054 $ 358,893,000 -$ 10,719,946 -3.0 $ 2,526,462,413 $ 2,537,182,359 -$ 10,719,946 -0.4
REFUNDS
Total Refunds
$147,130,577 $153,248,000 -$6,117,423 -4.0 $465,243,495 $471,360,918 -$6,117,423 -1.3
NET RECEIPTS
Sales & Use Tax
$ 82,973,090
$ 87,477,000
-$ 4,503,910
-5.1
$ 864,484,939
$ 868,988,849
-$ 4,503,910
-0.5
Ind. Income Tax
96,512,289
98,212,000
-1,699,711
-1.7
983,108,378
984,808,089
-1,699,711
-0.2
Corp. Income Tax
6,429,518
4,682,000
1,747,518
37.3
74,278,931
72,531,413
1,747,518
2.4
Misc. Taxes
15,127,580
15,273,000
-145,420
-1.0
139,346,670
139,492,090
-145,420
-0.1
Total Net
$ 201,042,477
$ 205,644,000
-$ 4,601,523
-2.2
2,061,218,918
$ 2,065,820,441
-$ 4,601,523
-0.2

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 26, 2010 meeting of the Nebraska Economic Forecasting Advisory Board, and certified on March 8, 2010.

Graph for February, 2010