FOR IMMEDIATE RELEASE:
March 11, 2011

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

GENERAL FUND RECEIPTS — February 2011

LINCOLN — February Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for February were $357.8 million, which is 2.0% below the recertified forecast of $365.2 million.

• Gross Sales and Use:    7.5% below forecast
• Gross Individual Income:    1.2% above forecast
• Gross Corporate Income:    1.7% above forecast
• Gross Miscellaneous:    4.4% below forecast

February Tax Refunds: Tax refunds for February were $143.9 million, which is 4.7% below the recertified forecast of $151.1 million.

February Net Receipts: Net receipts for February were $213.8 million, which is 0.1% below the recertified forecast of $214.1 million.

• Net Sales and Use:     5.0% below forecast
• Net Individual Income:     4.3% above forecast
• Net Corporate Income:     5.2% above forecast
• Net Miscellaneous:     4.1% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $2,128.5 million, which is slightly less than the recertified forecast of $2,128.8 million.

• Net Sales and Use:     0.5% below forecast
• Net Individual Income:     0.4% above forecast
• Net Corporate Income:

    0.6% above forecast

• Net Miscellaneous:     0.4% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board on February 25, 2011. At this meeting, the Forecasting Board revised downward its October 2010 forecast of General Fund revenue for FY2010-11 by $9.5 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 10, 2011. Receipts in this forecast are compared to the March recertified forecast. For the month of February, this new forecast is $7 million higher than the previous forecast.

Previous monthly press releases are 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 2010-2011*

 

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
$179,591,989
$179,592,000
0
0.0
$179,591,989
$ 179,592,000
0
0.0
August
321,595,200
321,595,200
0
0.0
501,187,189
501,187,000
0
0.0
September 340,792,100 340,792,000 0 0.0 841,979,289 841,979,000 0 0.0
October 191,162,664 191,163,000 0 0.0 1,033,141,952 1,033,142,000 0 0.0
November 294,317,381 294,317,000 0 0.0 1,327,459,333 1,327,459,000 0 0.0
December 297,308,646 297,309,000 0 0.0 1,624,767,980 1,624,768,000 0 0.0
January 289,870,265 289,870,000 0 0.0 1,914,638,244 1,914,638,000 0 0.0
February 213,827,526 214,113,000 -285,474 -0.1 2,128,465,770 2,128,751,000 -285,230 0.0

Comparison of Actual and Projected General Fund Receipts by Tax Type
for February 2011 and Cumulative Fiscal Year 2010-2011*

  FEBRUARY
ACTUAL
FEBRUARY
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$121,248,431
$131,031,000
-$9,782,569
-7.5
$1,167,827,049
$1,177,610,000
-$9,782,951
-0.8
Ind. Income Tax
218,198,018
215,516,000
2,682,018
1.2
1,208,189,459
1,205,506,000
2,683,459
0.2
Corp. Income Tax
8,074,145
7,939,000
135,145
1.7
112,192,435
112,057,000
135,435
0.1
Misc. Taxes
10,233,164
10,701,000
-467,836
-4.4
123,543,097
124,011,000
-467,903
-0.4
Total Gross
$357,753,757 $365,187,000 -$7,433,243 -2.0 $2,611,752,041 $2,619,186,000 -$7,433,959 -0.3
REFUNDS
Total Refunds
$143,926,231 $151,074,000 -$7,147,769 -4.7 $483,286,271 $490,434,000 -$7,147,729 -1.5
NET RECEIPTS
Sales & Use Tax
$ 88,046,561
$ 92,672,000
-$4,625,439
-5.0
$ 903,317,508
$ 907,943,000
-$4,625,492
-0.5
Ind. Income Tax
109,142,034
104,680,000
4,462,034
4.3
1,045,733,002
1,041,272,000
4,461,002
0.4
Corp. Income Tax
6,407,669
6,092,000
315,669
5.2
55,919,495
55,603,000
316,495
0.6
Misc. Taxes
10,231,262
10,668,000
-436,738
-4.1
123,495,766
123,933,000
-437,234
-0.4
Total Net
$213,827,526
$214,113,000
-$ 285,474
-0.1

$2,128,465,770

$2,128,751,000
-$ 285,230
0.0

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 25, 2011 meeting of the Nebraska Economic Forecasting Advisory Board and recertified on March 10, 2011.