FOR IMMEDIATE RELEASE:
April 10, 2014

FOR INFORMATION CONTACT:
Kim Conroy, Tax Commissioner
402-471-8557

General Fund Receipts —March 2014

LINCOLN — March Gross Receipts: Tax Commissioner Kim Conroy reported that gross General Fund receipts for March were $470 million, which is 9.0% above the certified forecast of $431 million.

• Sales and Use:
    6.2% above forecast
• Individual Income:
  14.1% above forecast
• Corporate Income:
    9.1% above forecast
• Miscellaneous:
  10.1% below forecast

March Tax Refunds: Tax refunds for March were $120 million, which is 1.1% above the certified forecast of $118 million.

March Net Receipts: Net receipts for March were $350 million, which is 12.0% above the certified forecast of $313 million.

• Sales and Use:
  12.8% above forecast
• Individual Income:
  17.4% above forecast
• Corporate Income:
  11.0% above forecast
• Miscellaneous:
  10.1% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2013-2014 were $2.878 billion, which is 4.4% above the certified forecast of $2.758 billion.

• Sales and Use:
    2.9% above forecast
• Individual Income:
    5.1% above forecast
• Corporate Income:
  15.6% above forecast
• Miscellaneous:
    5.5% below forecast

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board (Board) on April 25, 2013. This forecast was adjusted for legislation passed in 2013, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 11, 2013. On February 28, 2014, the Board met and revised the forecast for the current fiscal year upward by $82 million from the certified forecast to $4.103 billion. By law, only downward revisions to the forecast are certified, so the comparisons made in this release are still based on the forecast certified on July 11, 2013.

Previous monthly press releases are at revenue.nebraska.gov/research/gen_fund.html.

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APPROVED:
Kim Conroy
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2013-2014*

 

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
$231,361,095
$224,929,536
$6,431,560
2.9
$231,361,095
$224,929,536
$6,431,560
2.9
August
341,465,610
344,070,324
-2,604,714
-0.8
572,826,705
568,999,859
3,826,846
0.7
September
426,483,667
399,648,227
26,835,440
6.7
999,310,372
968,648,087
30,662,286
3.2
October
230,928,322
229,163,799
1,764,523
0.8
1,230,238,695
1,197,811,886
32,426,809
2.7
November
327,065,697
311,760,913
15,304,783
4.9
1,557,304,392
1,509,572,799
47,731,592
3.2
December
348,464,354
346,113,919
2,350,436
0.7
1,905,768,746
1,855,686,718
50,082,028
2.7
January
363,606,321
348,071,825
15,534,496
4.5
2,269,375,067
2,203,758,543
65,616,524
3.0
February
258,546,497
241,481,771
17,064,726
7.1
2,527,961,563
2,445,240,314
82,721,249
3.4
March
350,418,319
312,844,044
37,574,275
12.0
2,878,380,203
2,758,084,358
120,295,844
4.4

Comparison of Actual and Projected General Fund Receipts by Tax Type
for March 2014 and Cumulative Fiscal Year 2013-2014*

 

March
Actual

March
Projected**

Difference

Percent
Difference

Cumulative
Actual

Cumulative
Projected**

Cumulative
Difference

Cumulative
Percent
Difference

Gross Receipts
Sales & Use Tax
$158,374,211
$149,170,175 $ 9,204,036
6.2
$1,534,940,437
$1,503,247,834
$ 31,692,603
2.1
Ind. Income Tax
221,340,170
193,956,837
27,383,333
14.1
1,633,165,499
1,551,403,758
81,761,741
5.3
Corp. Income Tax
63,260,541
57,992,374
5,268,167
9.1
237,385,648
224,755,453
12,630,195
5.6
Misc. Taxes
27,089,254
30,123,144
-3,033,890
-10.1
134,309,611
142,105,968
-7,796,357
-5.5
Total Gross
$470,064,177
$431,242,530
$38,821,646
9.0
$3,539,801,195
$3,421,513,013
$118,288,182
3.5
Refunds
Total Refunds

$119,645,857

$118,398,486
$1,247,371
1.1
$661,420,992
$663,428,655
$-2,007,663
-0.3
Net Receipts
Sales & Use Tax
$123,028,607
$109,093,597
$13,935,010
12.8
$1,153,419,763
$1,121,081,722
$ 32,338,041
2.9
Ind. Income Tax
139,480,256
118,834,638
20,645,618
17.4
1,380,481,523
1,313,165,636
67,315,887
5.1
Corp. Income Tax
60,821,423
54,797,939
6,023,484
11.0
210,228,935
181,802,259
28,426,676
15.6
Misc. Taxes
27,088,034
30,117,871
-3,029,837
-10.1
134,249,982
142,034,741
-7,784,759
-5.5
Total Net
$350,418,319
$312,844,044
$37,574,275
12.0

$2,878,380,203

$2,758,084,358
$120,295,844
4.4


*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the April 25, 2013 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 11, 2013.