FOR IMMEDIATE RELEASE:
May 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 — APRIL 2010

LINCOLN — April Gross Receipts: Tax Commissioner Doug Ewald reported Monday that gross General Fund receipts for April were $414 million, which is 11.9% below the recertified forecast of $470 million.

• Gross Sales and Use:    0.2% below forecast
• Gross Individual Income:   17.3% below forecast
• Gross Corporate Income:   25.5% below forecast
• Gross Miscellaneous:     8.1% below forecast

April Tax Refunds: Tax refunds for April were $110 million, which is 3.6% below the recertified forecast of $114 million.

April Net Receipts: Net receipts for April were $304 million, which is 14.6% below the recertified forecast of $356 million.

• Net Sales and Use:     2.2% above forecast
• Net Individual Income:   24.0% below forecast
• Net Corporate Income:   28.2% below forecast
• Net Miscellaneous:     7.9% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2009-2010 were $2,598 million, which is 2.1% below the recertified forecast of $2,654 million.

• Net Sales and Use:    0.5% below forecast
• Net Individual Income:     4.0% below forecast
• Net Corporate Income:     1.1% below forecast
• Net Miscellaneous:   0.3% 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.

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
March 232,572,326 232,104,000 468,326 0.2 2,293,791,244 2,297,924,441 -4,133,197 -0.2
April 304,151,568 356,079,000 -51,927,432 -14.6 2,597,942,813 2,654,003,441 -56,060,628 -2.1

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

  APRIL
ACTUAL
APRIL
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$143,948,967
$144,294,000
-$345,033
-0.2
$1,397,796,991
$1,413,480,138
-$15,683,148
-1.1
Ind. Income Tax
224,399,004
271,318,000
-46,918,996
-17.3
1,533,229,674
1,579,913,890
-46,684,216
-3.0
Corp. Income Tax
18,548,694
24,907,000
-6,358,306
-25.5
176,393,445
176,952,333
-558,887
-0.3
Misc. Taxes
27,286,284
29,684,000
-2,397,716
-8.1
195,648,711
196,291,998
-643,287
-0.3
Total Gross
$414,182,949 $470,204,000 -$56,021,051 -11.9 $3,303,068,821 $3,366,638,359 -$63,569,538 -1.9
REFUNDS
Total Refunds
$110,031,381 $114,125,000 -$4,093,619 -3.6 $705,126,008 $712,634,918 -$7,508,910 -1.1
NET RECEIPTS
Sales & Use Tax
$115,563,581
$113,068,000
-$2,495,581
2.2
$1,082,271,907
$1,087,211,849
-$ 4,939,942
-0.5
Ind. Income Tax
145,648,001
191,589,000
-45,940,999
-24.0
1,193,806,181
1,242,986,089
-49,179,908
-4.0
Corp. Income Tax
15,653,843
21,806,000
-6,152,157
-28.2
126,233,099
127,662,413
-1,429,314
-1.1
Misc. Taxes
27,286,144
29,615,000
-2,328,856
-7.9
195,631,626
196,142,090
-510,464
-0.3
Total Net
$304,151,568
$356,079,000
-$51,927,432
-14.6

$2,597,942,813

$2,654,003,441
-$56,060,628
-2.1

*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.