FOR IMMEDIATE RELEASE:
April 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 — March 2011

LINCOLN — March Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for March were $384 million, which is 2.2% above the recertified forecast of $376 million.

• Gross Sales and Use:    1.1% above forecast
• Gross Individual Income:    5.5% above forecast
• Gross Corporate Income:    4.1% above forecast
• Gross Miscellaneous:  11.2% below forecast

March Tax Refunds: Tax refunds for March were $116 million, which is 14.1% below the recertified forecast of $135 million.

March Net Receipts: Net receipts for March were $268 million, which is 11.3% above the recertified forecast of $241 million.

• Net Sales and Use:     1.1% below forecast
• Net Individual Income:   48.6% above forecast
• Net Corporate Income:     4.8% above forecast
• Net Miscellaneous:   11.2% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2010-2011 were $2,396 million, which is 1.1% above the recertified forecast of $2,369 million.

• Net Sales and Use:     0.6% below forecast
• Net Individual Income:     3.2% above forecast
• Net Corporate Income:

    2.2% above forecast

• Net Miscellaneous:     2.8% 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.

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
March 267,811,221 240,580,000 27,231,221 11.3 2,396,276,991 2,369,331,000 26,945,991 1.1

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

  MARCH
ACTUAL
MARCH
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$139,476,961
$137,910,000
$1,566,961
1.1
$1,307,304,010
$1,315,520,000
-$8,215,990
-0.6
Ind. Income Tax
171,333,725
162,372,000
8,961,725
5.5
1,379,523,184
1,367,878,000
11,645,184
0.9
Corp. Income Tax
41,567,051
39,926,000
1,641,051
4.1
153,759,486
151,983,000
1,776,486
1.2
Misc. Taxes
31,785,572
35,783,000
-3,997,428
-11.2
155,328,670
159,794,000
-4,465,330
-2.8
Total Gross
$384,163,309 $375,990,000 $8,173,309 2.2 $2,995,915,350 $2,995,176,000 $ 739,350 0.0
REFUNDS
Total Refunds
$116,352,088 $135,411,000 -$19,058,912 -14.1 $599,638,359 $625,845,000 -$26,206,641 -4.2
NET RECEIPTS
Sales & Use Tax
$103,755,755
$104,897,000
-$ 1,141,245
-1.1
$1,007,073,263
$1,012,840,000
-$ 5,766,737
-0.6
Ind. Income Tax
93,574,712
62,960,000
30,614,712
48.6
1,139,307,714
1,104,232,000
35,075,714
3.2
Corp. Income Tax
38,696,199
36,941,000
1,755,199
4.8
94,615,693
92,544,000
2,071,693
2.2
Misc. Taxes
31,784,556
35,781,000
-3,996,444
-11.2
155,280,321
159,714,000
-4,433,679
-2.8
Total Net
$267,811,221
$240,580,000
$27,231,221
11.3

$2,396,276,991

$2,369,331,000
$26,945,991
1.1

*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.